Why Apollo Pipes share price has gained over 16% in two sessions

Apollo Pipes share price rose over 11% in early trade today after the firm's promoter Sameer Gupta bought 1,51,000  shares. Gupta bought 1,51,000 shares of the firm at Rs 315.01 each, NSE data show. The transaction comes a day after Gupta bought 1,25,000 shares in the company at Rs 309.98 each. Gupta held 20.82 per cent stake in the company at the end of the March quarter.

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Apollo Pipes share price has gained 16.26% in two days amid Gupta buying stock of the firm in two bulk deals. Share price of Apollo Pipes opened 11.09% higher at Rs 346 compared to the previous close of Rs 311. 45 on BSE.

Apollo Pipes share is trading higher than 5 day and 20 day moving averages but lower than 50 day, 100 day and 200 day moving averages.

Total 3,979 shares of the firm changed amounting to turnover of Rs 13.09 lakh on BSE. Apollo Pipes share price hit its 52-week high of Rs 512.80 on February 11, 2020 and 52-week low of Rs 220 on March 24, 2020. Market cap of Apollo Pipes rose to Rs 415.90 crore.

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Apollo Pipes Limited is focused on the development, manufacturing and distribution of plastic piping systems. The company manufactures plastic pipes under the brand name APL APOLLO. Its pipes and fittings are used in residential and commercial, hot and cold, and potable water distribution systems. The company serves the customers in various sectors, including civil infrastructure, industrial, agriculture, and building and construction.