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Venus Pipes shares fell to an intraday low of Rs 1245.50 today, clocking a loss of 21% in a just a single session. Market cap of the firm fell to Rs 2538.23 crore on BSE.
The stock rose 0.72 per cent to Rs 1,270.05 on BSE. The scrip fell 15.72 on Monday. Kacholia entered Venus Pipes & Tubes in the June quarter, buying 4,00,000 shares, or 1.97 per cent stake.
Net profit for the June quarter stood at Rs 134.86 crore against Rs 48.02 crore a year ago. Revenue rose 20 percent YoY to Rs 1174.93 crore.
SHANGHAI: Money managers are navigating an historic shift – India’s population, at 1.43 billion, edged past China’s this year.
India has friendlier relations with the West and a young workforce. Its economy is expected to grow 6% to 7% a year, outpacing China’s. Its budding middle class will be spending well beyond essentials.