Venus Pipes shares hit record high on entry into fittings business, check details

Shares of Venus Pipes &Tubes Ltd hit their record high today after the stainless steel pipes and tubes manufacturer and exporter announced its foray into the fittings business. The firm also announced expansion of its capacity for seamless & welded pipes and tubes.

The maker of stainless steel pipes and tubes hit an all-time high of Rs 1889, rising 8.61% on BSE in early deals today. Total 0.64 lakh shares of Venus Pipes changed hands amounting to a turnover of Rs 11.76 crore on BSE. The market cap of the firm climbed to Rs 3710.13 crore. Venus Pipes stock has a one-year beta of 0.1, indicating very low volatility during the period.

In terms of technicals, the relative strength index (RSI) of Venus Pipes stock stands at 69.8, signaling it's trading neither in the overbought nor in the oversold zone. Venus Pipes shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages. 

"The company is diversifying its product portfolio to encompass a wide selection of fittings, leveraging our expertise to provide complete PFF (Piping, Fittings & Flanges) solutions to our customers across industries. Fittings are essential components in piping systems, allowing for the connection, redirection, and control of fluids or gases within industrial environments," said the firm in a communication to bourses.

Fittings are essential components in piping systems, which allow for connection, redirection and control of fluids or gases within industrial environments. Through this foray, the company aims to solidify its position in the industrial business, it added.

Arun Kothari, MD, Venus Pipes & Tubes said, "We are also enhancing our capacity of pipes by introducing specialized product line of stainless and titanium welded tubes aimed at enhancing our competitive edge and profitability. With this, doors are open for us to diversify into sectors requiring critical application such as food processing, pharma along with nuclear and power sector."