Shares of Venus Pipes & Tubes hit a new high of Rs 586.65 on the BSE, as the stock rallied 11 per cent in Tuesday’s intra-day trade on healthy business outlook. In the past two weeks, the stock has rallied 47 per cent as the company on September 10, 2022 said that it has become the first Indian company to receive Bureau of Indian Standards (BIS) approval for stainless steel seamless and welded pipes and tubes.

The stock of iron & steel products company is now trading at its highest level since its listing on May 24, 2022. The stock has zoomed 80 per cent against its issue price of Rs 326 per share. The stock had hit a 52-week low of Rs 316.40 hit on June 1, 2022.

China is the largest exporter of SS tubes and pipes to India and accounted for 54 per cent of total imports in FY2021. Effective May 2021, the Chinese government cancelled export rebates (13 per cent) on seamless pipes and tubes and other steel products to encourage Chinese steel manufacturers to focus on the domestic market. This move is expected to benefit steel pipe and tube manufacturers in India as Chinese steel becomes costlier.