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The company which operates the fintech platform Paytm is expected to trigger passive inflows in India to the tune of $160 million according to Nuvama's estimates.
Buying action was more visible in the broader market as the smallcap index rallied over 1% with Welspun Corp, Engineers India and Swan Energy rallying 7-9% each.
APL Apollo Tubes Ltd., incorporated in the year 1986, is a Mid Cap company (having a market cap of Rs 44476.93 Crore) operating in Metals - Ferrous sector.
The steel tube maker's consolidated profit rose 35% to 2.03 billion rupees ($24.40 million) in the second quarter, but missed analysts' average estimate of 2.22 billion rupees, according to LSEG data.
"We proudly welcome (Amitabh) Bachchan as he embodies all the qualities that APL Apollo stands for- excellence, versatility, and timeless quality. We are consistently channelling our efforts to deliver world-class quality, much like Big B and we are confident that this partnership will serve to reinforce our strong presence in the Indian market," Sanjay Gupta, Chairman & Managing Director, APL Apollo Tubes Ltd said.