Venus Pipes rallies over 15% in three days

12 Sep 2022 , 01:05 PM

Shares of Venus Pipes & Tubes 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 Sensexs 14% rise. Meanwhile, the company on Saturday said that it has been recognised as ALL INDIA FIRST (AIF) manufacturer to receive Bureau of Indian Standards (BIS) approval for stainless steel seamless and welded pipes and tubes. The company said that it has received the All India First (AIF) circular for its Rajkot Branch. On the technical front, the stocks 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.&8195; Powered by Capital Market – Live News