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“In a scenario where people want to move out of China, their manufacturing supply chain in the environment where the energy bills in Europe are shooting through the roof, everything points to India being the only choice as a manufacturing destination. We are on the cusp of a manufacturing renaissance, a capex revival and credit growth and real estate cycle in India.”

Apollo and Keestrack have decided to work jointly and in cooperation with each other for the purpose of carrying on the business of agricultural and farming machinery and components by forming a joint venture company in India, Gujarat Apollo said in a release.

For the quarter ended June 30, 2022, the company has reported a consolidated total income of Rs 920.28 crore, down 4.61 per cent from last quarter total income of Rs 964.72 crore and up 135.05 per cent from last year same quarter total income of Rs 391.52 crore.

A total of 7,837 shares changed hands on the counter till 01:19PM (IST).

The stock quoted a 52-week high of Rs 1750.05 and a 52-week low of Rs 1375.55.

Though it fell short of market expectation as the cut was nominal, amounting to only 0.1 per cent of global demand, it came with a statement that the oil cartel is vigilant about the market volatility and can take further steps if required to defend prices.

The Nifty Pharma index was trading 0.09 per cent down at 12734.0.

“The data flow is telling us that the US economy is getting out from that minus 1.25-1.5 annualised growth rate in the first half to positive numbers and that is nothing to scoff at. The largest economy in the world is about to move up from negative territory to positive territory, not a large positive territory but positive territory nevertheless.”

T&D business has secured orders for T&D and cabling projects in India, Middle East and Africa. The railways business has secured orders in the technologically enabled and conventional/emerging segments in India. The company’s oil & gas business has secured an order for laying of cross-country pipeline and associated works in India.

As of 30-Jun-2022, promoters held 45.25 per cent stake in the company, while FIIs held 18.82 per cent and domestic institutional investors had 18.9 per cent.