Venue Pipes surges to 52-week high as Ashish Kacholia picks up 2% stake

Shares of Venus Pipes and Tubes climbed to a 52-week high of Rs 833.80 in the early trade on April 12 after it emerged that ace investor Ashish Kacholia picked up around 2 percent stake in the small-cap company through a bulk deal the previous day.

Kacholia bought four lakh shares, or a 1.97 percent stake, in the company for a total of Rs 28.8 crore, the bulk deal data from the exchanges show. The deal was executed at a weighted average price of Rs 720 a share.

Kacholia is known for his ability to pick small and mid-size companies. Other major shareholders include veteran investor Madhulika Agarwal, who holds a 2.46 percent stake in the company.

Among the sellers, Nuvama Wealth Finance offloaded 1.38 lakh shares, or a 0.67 percent stake, in the open market on April 11.

At 9.38 am, Venus Pipes and Tubes was trading 5.29 percent higher at Rs 822.90 on the National Stock Exchange.

Two lakh shares of the company had exchanged hands in the first hour of trade, as against the one-month daily traded average of one lakh shares.

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The Gujarat-based stainless steel and pipe manufacturer debuted on the exchanges in May 2022 and has emerged as a multibagger, giving returns of over 148 percent.

The company has maintained its operating margin in the 12-13 percent range for the last five quarters. As for the quarter ending December, the company reported a net profit of Rs 11.3 crore on a revenue of Rs 136.4 crore.

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