Vibhor Steel Tubes Soars 19% on Record Volumes

Vibhor Steel Tubes Soars 19% on Record Volumes/Company website

VoM News Desk | April 3, 2024 | 02:43 PM IST | Breaking News | Follow on Google News

Vibhor Steel Tubes Soars 19% on Record Volumes

Vibhor Steel Tubes Soars 19% on Record Volumes

Vibhor Steel Tubes witnessed a remarkable surge of over 19% to ₹332 per share during today’s intraday trade, marking a three-week high and extending its winning streak for the third consecutive trading session. The surge in share price is accompanied by a strong spike in volumes, with a total gain of 32% over the past three days.

Strong Market Debut and Robust Fundamentals:
Having debuted on February 20 with a listing price of ₹446 per share, representing a premium of 195.3% over the issue price, Vibhor Steel Tubes garnered substantial investor interest during its bidding period, boasting a subscription rate of 298.86 times. Despite initial selling pressure post-listing, the stock remains significantly up by 117% from its IPO price.

Key Partnerships and Business Expansion:
Specializing in mild steel, carbon steel, ERW black and galvanized pipes, and cold-rolled steel (CR) strips and coils, Vibhor Steel Tubes has maintained a fruitful collaboration with Jindal Pipes Limited since 2003. The recent renewal of partnership for an additional six years, securing a minimum annual order of 1 lakh MT, reflects the company’s commitment to growth and expansion.

Consistent Financial Growth:
Vibhor Steel Tubes has demonstrated consistent revenue and profit growth over the past three fiscal years, with revenue surging from ₹511.51 crore in FY21 to ₹1,114.38 crore in FY23. Similarly, profit after tax (PAT) has followed an upward trajectory, climbing from ₹0.69 crore in FY21 to ₹21.07 crore in FY23. In H1FY24, the company reported revenue of ₹531.24 crore and a PAT of ₹8.52 crore, underscoring its robust financial performance.

As of 02:00 p.m., the stock was trading with a gain of 16% at ₹323.95 apiece, reflecting investor confidence in the company’s growth prospects and strong fundamentals.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.