Stocks to Buy: This stock climbs 90% in 4 months after IPO, brokerage says – Price may go up to Rs 764

Venus Pipes Shares: The stock of Venus Pipes & Tubes has been witnessing heavy buying over the past few weeks. The company’s shares have gained 50 per cent in the last one month, while it has gained nearly 90 per cent in the last three months. However, domestic brokerage and research firm Centrum believes that there is still a lot of upside in this stock and its price can go up to the level of Rs 764.

Shares of Venus Pipes & Tubes closed at Rs 625.00 with a gain of 1.68 per cent on Friday. Centrum said in a note that Venus Pipes is currently expanding its capacity. After capacity expansion, it will become the second largest pipe company in the country.

“We expect the company’s operating profit to grow by 46 per cent. We have started covering Venus Pipes stock with buy rating and have fixed a target price of Rs 764 for the stock,” the brokerage said.

Shares also rose due to this approval

About 11 days ago on September 10, the company informed the stock exchanges that it has received approval from the Bureau of Indian Standards (BIS) for stainless steel seamless and welded pipes and tubes. Venus Pipes is the first Indian company to get approval for these products from BIS. BIS assures the customers of the quality, reliability and safety of any product.

Also read- Infosys in big trouble in America! Case of discrimination on the basis of gender and age

The company was listed in the same year

Venus Pipes’ IPO came in May this year and it got an overwhelming response from investors. Although its listing was sluggish, it has jumped over 88 per cent in the four months since then.

Details about the company

Venus Pipes & Tubes manufactures stainless steel pipes and tubes. Apart from India, its business is spread in 18 countries including Brazil, UK and Israel. Venus Pipes IPO came in May this year and it got an overwhelming response from investors. Although its listing was sluggish, it has jumped over 68 per cent in the four months since then.

The IPO of Venus Pipes & Tubes was subscribed 16.31 times. Its shares were listed on May 24 at a premium of about three per cent, or Rs 335, against the issue price of Rs 326. Under this issue of Rs 165 crore, 50.74 lakh new equity shares were issued.

Disclaimer: The information provided here is being given for informational purposes only. It is important to mention here that investing in the market is subject to market risks. Always consult an expert before investing money as an investor. It is never advised to invest money here on behalf of Moneycontrol.

Source link

About admin

Check Also

Gold vs Silver: Buy Gold or Silver this Dhanteras? What will be the profit deal – Gold vs silver What should you buy this Diwali Dhanteras 2022 tuta

In our country, it is considered auspicious to buy gold and silver on the occasion …

Leave a Reply

Your email address will not be published. Required fields are marked *