Shares of Apollo Tyres rallied 7% in early trade on Tuesday to hit a new all-time high of ₹485 apiece. This uptick in shares came after 2.61 crore shares of the company changed hands in a block deal window on Tuesday. The buyers and sellers, however, were not known immediately.
Earlier, it was reported that foreign portfolio investor Warburg Pincus would sell a 3% stake in the tyre manufacturer in a block deal on Tuesday, as CNBC-TV18 reported on Monday, citing sources.
The floor price for the potential sale was reportedly set at ₹440 per share, representing a nearly 2% discount to Monday's closing price, as per the report. A lock-in period of 90 days would come into effect following the share sale, the report said.
According to Trendlyne shareholding data, White Iris Investment holds an 8.04% stake, or 51,054,445 shares, in the company, as of Q2 FY24.
Apollo Tyres saw a sharp rise in its share price in the current year, rewarding its shareholders with a return of 43.68% so far. The shares have exhibited a strong bullish trend, delivering positive returns in six out of the last 10 months.
Further, over the past decade, the stock has demonstrated exceptional performance, generating an impressive return of 425%.
For the September quarter, the company posted a 164.80% surge in its consolidated net profit at ₹474 crore. In the same period of last year, the company reported a net profit of ₹179 crore, and in the preceding June quarter, it recorded a net profit of ₹397 crore.
The revenue from operations surged to ₹6,280 crore in Q2 FY24, compared to ₹5,956 crore in the same quarter last fiscal. It reported an operating profit of ₹1,160 crore in Q2, an increase of 63% when compared to ₹712 crore in the year-ago quarter.
At 10:00 AM, the stock was trading with a gain of 3.25% at ₹467.55 apiece.
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