Shares of the Gujarat-based Venus Pipes and Tubes have turned out to be one of the multi-bagger stocks on 2022 on Dalal Street.
After a muted stock market debut in May 2022, share of Venus Pipes and Tubes have rallied more than 100 per cent, thus resulting in wealth gain for its investors. The company's stock quoted Rs Rs 337.50 on the NSE on listing, up 3.5 per cent from the IPO price of Rs 326. Since then, its shares have zoomed a whopping 104 per cent to double investors' money. The stock finished at Rs 724 apiece on January 3.
The company, under the brand name Venus, supplies its products for application in diverse sectors, including chemicals, engineering, fertilisers, pharmaceuticals, power, food processing, paper and oil and gas.
Ravi Singh, vice president and head of research at Share India, said, "Venus Pipes is looking attractive on daily and weekly chart patterns. The counter is experiencing an increase in trading volumes well supporting an up move in near term. The momentum indicators and oscillators are suggesting a medium-term target of 790 and 850 levels."
Share India in its research report said that the company has presented strong financials in the second quarter of the current fiscal. The company reported a total income of Rs 127.373 crores during the period ended September 30, 2022, as compared to Rs 114.178 crores during the period ended June 30.
It said that the business of Venus Pipes and Tubes is well placed at this time with respect to growth and expansion of product offerings. In just 7 years, the company has managed to get on board marquee set of customers like Amul, Asian Paints, Adani group, Bharat Petroleum, Cipla, BHEL, Godrej, ITC, etc. and have proven their operational expertise to increase assets.
The company also has achieved recognition of manufacturing management certifications like ISO, IBR, BIS and TUV Nord.
It noted that the company has captured a market share of 4 per cent in stainless steel pipes and tubes and now it aims to become the third largest by market share of around 10 per cent by FY24E.
Venus Pipes and Tubes Limited is a manufacturer and exporter of stainless steel pipes and tubes. The company exports its products to more than 20 countries.
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( With inputs from ANI )
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