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As On 28-Sep-2022 EOD, Market Closed
SENSEX
56,598.28
-509.24 (-0.89%)
NIFTY
16,858.60
-148.80 (-0.87%)
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  • Venus Pipes gains after board OKs Rs 50-cr capex proposal

    Venus Pipes & Tubes added 2.19% to Rs 571.90 after the company's board approved a capacity expansion plan of Rs 50 crore for bigger diameter tube mill to manufacture stainless steel welded pipes.

    This new line will increase the existing welded pipes range to maximum 20” inch (508mm) diameter and thickness up to SCH80s with a capacity by 700 mt per month. The pro... This new line will increase the existing welded pipes range to maximum 20” inch (508mm) diameter and thickness up to SCH80s with a capacity by 700 mt per month. The project will be funded through a mix of debt (term loan) & internal accruals and commercial production is expected to start by Q1 FY24. The proposed expansion will include tube mill along with entire finishing infrastructure i.e. annealing furnace, pickling and passivation setup, high end testing etc. to support the higher dia. welded pipe process.

    This capacity expansion will be in addition to an on-going expansion of 600 MT per month of welded pipes upto 48 inches.

    Post completion of both these capacity expansion projects the total Welded capacity will increase by almost 3 times from current 700 MT per month to 2,000 MT per month by FY24.

    Apart from this, the additional 500 MT per month (on existing capacity of 300 MT per month) for seamless pipes/tubes is on track. So the total welded (2000 mt per month) & seamless (800 mt per month) capacity post planned capex will be 2800 mt per month.

    Commenting on the expansion, Arun Kothari, managing director, Venus Pipes & Tubes, said, “Post the commissioning of this project, we will be the amongst the very few manufacturers in the India & World to have tube mill capacity of manufacturing this size which is an important milestone in our growth journey.

    With revival of capex cycle in India leading to robust demand for our products across end user industries, this capacity expansion will give us an edge and will help to captured more market in this segment.

    With a base of approximately 58 clientele amongst the Fortune 500 companies in India, we are making ourselves a first reference and preference in stainless steel pipes and tubes manufacturer and our goal is to increase our presence further in this domain.”

    Venus Pipes & Tubes is a manufacturer and exporter of stainless steel pipes and tubes. The company is manufacturing stainless steel tube products in two broad categories - seamless tubes/pipes and welded tubes/pipes under which five categories of products are manufactured namely, stainless steel high precision & heat exchanger tubes, stainless steel hydraulic & instrumentation tubes, stainless steel seamless pipes, stainless steel welded pipes and stainless steel box pipes. The company sells products in both domestic and international markets.

    The company's net profit rose 33.77% to Rs 9.11 crore on a 40.14% jump in sales to Rs 113.60 crore in Q1 FY23 over Q1 FY22.



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Flash News 28-Sep-2022
  •  ( 15:49) Benchmarks slide for 6th session, Sensex drops 509 pts, Nifty settles at 16,858.60  
  •  ( 15:08) JSW Steel corrects over 10% in six days  
  •  ( 14:35) Sensex slips 301 pts, Nifty below 16,950 mark, metal stocks lose shine  
  •  ( 13:31) Benchmarks trade with minor cuts; European mrkt opens lower  
  •  ( 12:56) Krsnaa Diagnostics to foray into retail healthcare services  
  •  ( 12:18) Adani Enterprises raises Rs 100-cr through issue of NCDs  
  •  ( 12:01) John Cockerill gets Rs 160-cr order from Jindal Steel Odisha  
  •  ( 11:34) Nifty above 16,950 mark, breadth positive  
  •  ( 11:34) L&T energy bags ‘significant' contract from Assam Govt  
  •  ( 10:56) PFI banned for 5 years in India  
  •  ( 10:49) Power Grid appoints G. Ravisankar as CFO  
  •  ( 10:48) Axis Bank enters into non-binding agreement with Go Digit Life for 9.94% stake  
  •  ( 10:37) MaxVIL subsidiary onboards New York Life as co-investor for Noida project  
  •  ( 10:33) Indices trim early losses, Sensex slides 207 pts, Nifty above 16,900 level  
  •  ( 10:18) GOCL Corp sells 12.25 acre Hyderabad land for Rs 125.11 cr  
  •  ( 09:50) Motherson Sumi Wiring board to mull bonus issue  
  •  ( 09:40) CreditAccess Grameen boards OKs allotting NCDs worth Rs 60 crore  
  •  ( 09:33) Indices slide in early trade, breadth weak  
  •  ( 09:26) Torrent Pharma acquires Curatio Healthcare for 2000 cr  
  •  ( 09:18) LIC buys over 2% stake in state-owned BPCL  
  •  ( 08:33) Asian stocks trading lower  
  •  ( 08:19) IFCI board OKs upto Rs 100-cr preferential issue to Govt  
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