Venus Pipes said it has become the first Indian company to receive BIS approval for stainless steel seamless and welded pipes and tubes
Shares of Venus Pipes Ltd were trading more than 2% on the BSE in Wednesday's session trading around its record high level of ₹ 586 apiece it had it in the previous session. The stock has rallied more than 40% in the last 2 weeks after the company informed that it has become the first Indian company to receive Bureau of Indian Standards (BIS) approval for stainless steel seamless and welded pipes and tubes.
“Venus Pipes & Tubes Ltd, one of the leading manufacturer of stainless pipes and tubes is proud to inform that they have become the first Indian company to receive Bureau of Indian Standards (BIS) approval for stainless steel seamless and welded pipes and tubes. This AIF Circular has been granted to Rajkot Branch as per IS 17876: 2022 and IS 17875: 2022," the company had announced in an exchange filing earlier this month.
A note by brokerage PhillipCapital on September 15 on Venus Pipes said that “Venus Pipes has seen 30% CAGR over FY19-22 despite the market being impacted due to covid-related lockdowns. This is commendable, because the company is just 7-8 years old (as this business has long gestation periods w.r.t various approvals). We are positive on potential growth prospects and feel that if Venus Pipes is able to walk the talk, it should be able to double its FY22 EBITDA in the next three years."
Venus Pipes shares made their stock market debut in May this year and the newly listed stock has rallied more than 68% in the last four months since its listing.
The Gujarat-based company is a growing stainless-steel pipes and tubes manufacturer and exporter in India. The company, under the brand name Venus, supplies its products for applications in diverse sectors, including chemicals, engineering, fertilizers, pharmaceuticals, power, food processing, paper and oil and gas.
The initial public offer (IPO) of Venus Pipes and Tubes was subscribed 16.31 times which was opened from May 11, 2022 to May 13. The public issue comprised sale of 50.74 lakh fresh equity shares of the company and there was no offer for sale (OFS) component.
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