Gujarat Apollo builds up

Gujarat Apollo Industries, a small cap stock, is up in the green today. The stock which has closed yesterday at Rs.104.30,opened higher at Rs.108.50, with an intra day high at Rs.110.85. Volumes have spiked over 1.5 times.

The company, after market hours yesterday, announced that its Board will meet on 18^th Jan to consider a proposal to buy back its equity shares.

Promoters currently hold 51.05% stake, FIIs do not hold any stake while DII hold 3.74% stake. The company, making road construction equipments, is not too big on the financials too – for Q2FY14, the company posted a 83% decline in topline at Rs.7 crore and net profit was down 6% at Rs.2 crore.