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APL Apollo Tubes (APL) shares surged to a new high of 1,049 per share on the BSE in Thursday's early deals as the stock turned ex-bonus today. The company had announced the issuance of bonus shares in the ratio of 1:1 i.e. 1 free equity share for every share held by the shareholder.

The board of directors of the company had fixed Saturday, 18 September, 2021, as the record date, for the purpose of ascertaining the eligibility of shareholders entitled for issuance of bonus equity shares.

APL Apollo Tubes is India’s leading structural steel tube manufacturer with a capacity of 2.6 million tonne per annum (mtpa) and a pan-India presence. Shares of APL Apollo Tubes have outperformed by giving multibagger returns as the stock has rallied more than 250% in a year and has surged over 110% in 2021 alone (year-to-date). 

The company's market share enhanced from 27% in FY16 to 50% in FY21, led by a strong distribution network, branding, offering of customized & innovative products and capacity enhancement, HDFC Securities said in a recent note.

"APL has successfully captured the mindshare of fabricators and architects, making its steel tubes as their first choice for applications. Along with innovative products and offerings, APL has aggressively focused on creating a strong brand image through large-scale print and TV commercials, sponsorships of mega sports events and roping in of celebrities as brand ambassadors. These efforts have allowed it to successfully creep into the rural areas, which are yielding strong results,'' the note added.

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