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A total of 160 shares changed hands on the counter till 12:43PM (IST)

“ The commodity companies need to push up prices further which will be a tough call given that the overall environment is still unsure because of the Ukraine-Russia conflict. The metal and commodity stocks are positional investments because the valuations are on their side and balance sheets are stronger for the companies today than they were two years ago.”

Proposed investment into Shankara to strengthendistribution of structural steel tubes

The Nifty Auto index was trading 0.72 per cent down at 10373.1.

APL Apollo had in the past acquired a 200,000 MTPA tube manufacturing unit from Shankara in April 2019 for Rs 70 crore. Analysts noted that the company recovered its investment cost within three years, boosting overall return on capital employed. The plant also helped the company expand its South India sales.

Prima facie, the stock, which has a market cap of just Rs 34 lakh, appears to be a dud penny stock with minimal possible trading volumes.

The stock has broken out from a rectangle pattern. After making a recent high on 14 Jan 2022, it started correcting and halted near 250 levels which also coincide with strongdemand zone on the weekly chart.

The stock quoted a 52-week high price of Rs 442.95 and low of Rs 274.0.

ICICI Securities expects SEL to deliver 27% earnings CAGR in FY22E-FY24E driven by 16% revenue CAGR and improving mix pushing RoCE up by 400 bps to 17%.

A total of 5,989 shares changed hands on the counter till 12:07PM (IST).