Why This Ashish Kacholia-Backed Small Cap Stock Is Surging 7% Today

Shares of Venus Pipes and Tubes climbed up over 7% on Wednesday to hit an intraday high of ₹1,359.40.

What Happened: Shares of the company are upbeat today, as its promoters raised stakes in the company. Megharam Sagramji Choudhary and Jayantiram Motiram Choudhary bought around 20,700 shares of the company through open market transactions. The trades took place on Sept.26 and were reported on the same day.

Sagramji Choudhary bought 15,500 shares of the company at an average price of ₹1,284.1, while Motiram Choudhary bought 5,200 shares of the company at an average price of ₹1,275.9.

See Also: Why This Indian Bank-Backed Micro Cap Stock Is Surging 5% Today

The company’s promoter group have been buying up shares of the company. Arun Axaykumar Kothari, another one of the company’s directors and promoters bought around 46,174 shares of the company in the past few days.

Promoters Dhruv Mahendrakumar Patel and Payal Arunbhai Kothari have also raised their stake in the company. Patel bought 7,700 shares, while Kothari bought 12,200 shares of the company in the past few days.

The Ashish Kacholia-backed stock has been on a terrific run these past few months. In the last six months, the stock has gone up over 80%. Kacholia owns a 1.97% stake in the company.

Price Action: Venus Pipes’ share price was up 5.60% to trade at ₹1,333.30 on Wednesday afternoon.

Read Next: This Small Cap Stock Has Surged 45% In 6 Months, Analyst Sees Further 70% Rally

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Posted In: MoversTrading IdeasAshish KacholiaVenus Pipes &Tubes