India's Venus Pipes shares rise; DAM Capital initiates with "buy"

Venus Pipes & Tubes

29/12/2023 06:22

** Shares of steel pipe maker Venus Pipes rise ~5% to 1,421
rupees
    ** DAM Capital initiates coverage with "buy" and PT of 1,810
rupees, an implied upside of ~34% to last close 
    ** DAM's PT second-highest among five analysts on VENS -
LSEG    
    ** Healthy sales in seamless tubes likely to improve blended
pricing and margins - brokerage 
    ** Expects earnings to grow at CAGR of ~60% and EBITDA
margin of 17.8% by FY26 
    ** Stock sees busiest day since Oct. 27 when co reported Q2
profit surge
    ** Trading volume ~11x its 30-day moving avg
    ** Avg rating on VENS at "strong buy"; median PT is 1,758
rupees - LSEG data
    ** Stock nearly doubled so far this year
    

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