India's Venus Pipes and Tubes hits record high; stock overbought

Venus Pipes & Tubes

26/05/2023 05:29

** Shares of Indian steel pipe maker Venus Pipes and Tubes
Ltd  VENS.NS  jump up as much as 3.16% to hit a record high of
1040.60 rupees 
    ** Venus stock set to gain for a fourth straight season, if
trend holds  
    ** Shares trade above 50-day, 100-day and 200-day simple
moving averages, indicating bullish momentum
    ** Relative Strength Index seen above 70 mark, indicating
stock overbought 
    ** VENS posts a 67% surge in Q4 profit to 134.3 mln rupees
($1.63 mln)
    ** Stock up ~43% so far this year 
    

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))