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Venus Pipes & Tubes Surges 8% on Fittings Business Entry and Capacity Expansion

26 Mar 2024 , 03:17 PM

Venus Pipes & Tubes Ltd witnesses an over 8% surge on February 29 following its foray into the fittings business and capacity expansion for pipes and tubes.

The intraday high of the stock reaches ₹1,875, trading at ₹1,865 on the BSE in the early trade, reflecting a 7.3% increase from the previous close. Benchmark Sensex sees a marginal 0.07% gain, reaching 72,356 points.

Fittings, crucial in industrial piping for fluid or gas connections, redirection, and control, become a strategic focus for Venus Pipes & Tubes to reinforce its position in the industrial sector.

MD Arun Kothari states that fittings complement the company's pipe business, offering comprehensive PFF (Pipe, Fittings, and Flanges) solutions.

Two-phase capacity expansion includes the introduction of new stainless and titanium welded tubes, with completion expected by March 2025 and December 2025 for value-added fittings and welded tubes, respectively. The firm initiates a ₹175-Crore capex plan, with the first phase requiring an investment of ₹115 Crore.

Approximately 40% of the capex involves issuing 4.2 Lakh convertible warrants at ₹1,700 each, raising ₹71.4 Crore. Funding for the expansion comes from convertible warrants, term loans, and internal accruals.

The move opens avenues for diversification into critical sectors such as food processing, pharmaceuticals, nuclear, and power, according to Kothari.

For feedback and suggestions, write to us at editorial@iifl.com
 

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