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Why Prince Pipes share price rallied 15% in intraday trade

Extending gains for the third straight session, Prince Pipes share price gained as much as 15.45 per cent to hit an intraday high of Rs 227.50 on the BSE

twitter-logoBusinessToday.In | September 3, 2020 | Updated 19:40 IST
Why Prince Pipes share price rallied 15% in intraday trade
Prince Pipes share price closed at Rs 216.30 apiece, up 9.77 per cent, on the BSE

Prince Pipes share price extended gains for the third straight session on Thursday, rallying over 15 per cent to hit 52-week high of Rs 227.50 on the Bombay Stock Exchange, driven by higher international PVC prices amid supply-side constrains. The shutdown of one of the largest PVC plants of Formosa in the US also sent a buzz among the investors, propelling the stock over 23 per cent in the last three days. In contrast, the BSE Sensex closed day's trade at 38,990, down 95 points or 0.24 per cent.

Extending gains for the third straight session, Prince Pipes share price gained as much as 15.45 per cent to hit an intraday high of Rs 227.50 on the BSE. Trimming some of early gains, the stock closed at Rs 216.30 apiece, up 9.77 per cent. On the volume front, there was spurt in trade on the BSE as 1.41 lakh shares changed hands over the counter as compared to two-week average volume of 0.95 lakh shares.

On the National Stock Exchange, Prince Pipes share price ended 8.59 per cent higher at Rs 215 against previous closing price of Rs 198. During the day's trade, the stock hit an intraday high of Rs 227.80.

Last month, Prince Pipes and Fittings launched Prince FlowGuard Plus in association with US-based Lubrizol, inventors and largest manufacturers of CPVC compounds. Besides, the company entered into a technical collaboration with US-based Tooling Holland BV to strengthen technical competence and enhance operational efficiencies. This pact will allow Prince Pipes to draw upon Tooling Holland's technical expertise and deep knowledge, build skills on a par with international standards, enhance internal operational efficiencies and optimise production costs.

The company's net profit plunged 57.6 per cent year-on-year to Rs 11.25 crore in the first quarter ended June 30, 2020, while net sales declined to Rs 302.48 crore over Q1 FY20.

Also Read: Sensex, Nifty end lower after two sessions; PowerGrid, Axis Bank, ICICI Bank top losers

Also Read: Adani Green Energy share rises 26% in three sessions, here's why

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