HomeEconomyVenus Pipes Hits 52-Week High After Ashish Kacholia Buys 4 Lakh Shares...

Venus Pipes Hits 52-Week High After Ashish Kacholia Buys 4 Lakh Shares Via Block Deal

Last Updated: April 12, 2023, 12:07 IST

Shares of Venus Pipes and Tubes climbed to a 52-week high of Rs 833.80 in the early trade on April 12 after Ace investor Ashish Kacholia bought 4 lakh shares or 1.97 per cent stake in the company at an average price of Rs 750 per share.

Kacholia is known for his ability to pick small and mid-size companies. Other major shareholders include veteran investor Madhulika Agarwal, who holds a 2.46 per cent stake in the company.

Among the sellers, Nuvama Wealth Finance offloaded 1.38 lakh shares, or a 0.67 percent stake, in the open market on April 11.

Two lakh shares of the company had exchanged hands in the first hour of trade, as against the one-month daily traded average of one lakh shares.

The Gujarat-based stainless steel and pipe manufacturer debuted on the exchanges in May 2022 and has emerged as a multibagger, giving returns of over 148 per cent.

The company has maintained its operating margin in the 12-13 per cent range for the last five quarters. As for the quarter ending December, the company reported a net profit of Rs 11.3 crore on a revenue of Rs 136.4 crore.

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