India's Venus Pipes rises; brokerage Anand Rathi initiates coverage with 'buy'

Venus Pipes & Tubes

18/12/2023 09:32

** Shares of Venus Pipes and Tubes  VENS.NS  up 2.5%
    ** Brokerage Anand Rathi initiates coverage on VENS with a
"buy" rating and a PT of 1,700 rupees
    ** The PT is a ~26% jump to stock's closing price on Friday 
    ** Anti-dumping duty imposed by the govt on stainless steel
and pipes imported from China up to 2028 to help Indian
companies in the industry - brokerage
    ** Shares of rival Prince Pipes and Fittings  PRCE.NS  up
about 9% to an over two-yr high 
    ** Brokerage expects VENS to post revenue and EBITDA growth
of CAGR 31.5% and 51.9% over FY23-26
    ** Venus Pipes stock up ~93% YTD vs Prince Pipes' ~26% rise
    

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))