Apollo Tricoat Tubes surged 8.20% to Rs 1000 after its board approved a draft scheme of amalgamation of the company and Shri Lakshmi Metal Udyog with APL Apollo Tubes. The scrip gained 10.36% to hit an intraday high of Rs 1,020 in trade today, which is also a record high for the counter. Meanwhile, shares of APL Apollo Tubes shed 0.12% to currently trade at Rs 1069 on the BSE. APL Apollo and Apollo Tricoat are engaged in the business of production of ERW steel tubes. Shri Lakshmi is engaged in the business of production of ERW steel tubes and GP Coils. The amalgamation would combine the businesses under "APL Apollo" brand with wide product offerings and geographical footprint leading to a stronger market presence.