Capital Market Last Updated at September 12, 2022 21:16 IST
https://mybs.in/2b0b2Wu
Venus Pipes & Tubes jumped 5.10% to Rs 461.50 after the company said that it received Bureau of Indian Standards (BIS) approval for stainless steel seamless and welded pipes and tubes.
Arun Kothari, managing director of Venus Pipes & Tubes, said: "At Venus, we give utmost priority to quality & consistency with our in-house quality control team for our products and this approval is a testimony for our high-quality products and processes followed for manufacturing of Pipes & Tubes. These licenses will give us better opportunity to expand our client base and serve the existing clients better. We are proud of our teammates and their efforts towards serving the best quality has yielded results."
Shares of Venus Pipes & Tubes have surged 15.64% in three trading sessions from its recent closing low of Rs 399.10 on 7 September 2022.
On the BSE, 58,000 lakh shares were traded in the counter so far compared with average daily volumes of 73,000 shares in the past two weeks. The stock hit a high of Rs 469 and a low of Rs 448 so far during the day.
The stock had outperformed the market over the past one month, jumped 19.31% compared with 1.32% rise in the Sensex.
The scrip had also outperformed the market in past three months, rising 40.27% as against Sensex's 14% rise.
On the technical front, the stock's daily RSI (relative strength index) stood at 82.211. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 379.97, 279.44 and 139.72 respectively. These levels will act as crucial support zones in near term.
Venus Pipes & Tubes is a pipes and tubes manufacturer with the sole focus on manufacturing of welded and seamless pipes in a single metal category, i.e., stainless steel (SS).
The company reported 33.8% rise in net profit to Rs 9.11 crore on a 40.1% increase in net sales to Rs 113.60 crore in Q1 FY23 over Q1 FY22.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance. We, however, have a request. As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed. Support quality journalism and subscribe to Business Standard . Digital Editor
Copyrights © 2022 Business Standard Private Ltd. All rights reserved.
Business Standard is happy to inform you of the launch of "Business Standard Premium Services"
As a premium subscriber you get an across device unfettered access to a range of services which include:
Welcome to the premium services of Business Standard brought to you courtesy FIS. Kindly visit the Manage my subscription page to discover the benefits of this programme. Enjoy Reading! Team Business Standard