After signing a joint venture, this small-cap stock hit a 20 per cent upper circuit; do you own it?

Will this small-cap stock touch a fresh 52-week high soon?

Gujarat Apollo Industries Ltd is an equipment or machinery manufacturing company primarily engaged in the manufacturing of different types of mining and road construction and maintenance machinery catering to the needs of the majority of the mining companies in India and many parts of the world. The company is considered to pioneer several construction technologies, especially asphalt road construction equipment. 

The company has entered into a joint venture agreement with PFH BV (Keestrack). Both companies have decided to work jointly and in cooperation with each other to carry on the business of agricultural and farming machinery and components. The proposed joint venture will result in increased efficiencies and allow the shareholders to offer improved products in the market, by harnessing each other's synergies. 

Gujarat Apollo Industries will subscribe to 2 lakh equity shares of the face value of Rs 10 each at an issue price of Rs 10 each, while PFH BV will subscribe to 2 lakh equity shares of the face value of Rs 10 each at an issue price of Rs 10 each. The additional subscription will be done in a phased manner. 

The company is currently trading at its upper circuit limit of Rs 235.35, up by 39.20 points or 19.98 per cent from its previous closing of Rs. 196.15 on the BSE.