Shares of Prince Pipes & Fittings were trading on a flat note in the afternoon session today after promoter of the pipe manufacturer sold 13,27,500 shares in a bulk deal on February 17. Prince Pipes & Fittings stock stood at Rs 575.90 , up 0.17% on BSE. Prince Pipes shares opened marginally higher at Rs 576 against the previous close of Rs 574.90 on BSE today.
The stock has lost 13.86% in a year and fallen 3.36% this year. Total 0.11 lakh shares changed hands amounting to a turnover of Rs 65.02 crore on BSE.
Market cap of Prince Pipes rose to Rs 6,367 crore. The stock hit a 52-week high of Rs 729 on April 11, 2022 and a 52-week low of Rs 513.10 on October 28, 2022.
According to bulk deal data on BSE, promoter Vipul Jayant Chheda sold 13,27,500 shares at Rs 585 apiece amounting to a transaction of Rs 77.65 crore. Chheda owned 20.03% stake or 2.21 crore shares at the end of December 2022 quarter.
On the other hand, Norges Bank on account of the Government Pension Fund Global bought 902,000 shares of the firm at Rs 585 apiece. The transaction was worth Rs 52.76 crore.
In terms of technicals, the relative strength index (RSI) of Prince Pipes stands at 39.2, signaling it’s neither oversold nor overbought. Shares of Prince Pipes have a one-year beta of 0.6, indicating low volatility during the period. Prince Pipes stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
In the December 2022 quarter, the net profit fell 47.43% to Rs 35.39 crore against Rs 67.32 crore in the December 2021 quarter.
However, sales climbed 6.31% to Rs 705.90 crore in the last quarter against Rs 664.02 crore in the September 2022 quarter. EBITDA slipped 37.49% to Rs 69.47 crore in Q3 against Rs 111.13 crore in the September quarter of this fiscal.
However, on a quarter-on-quarter basis, the firm turned profitable from a loss of Rs 24.11 crore . Sales zoomed 11% from Rs 636.49 crore. EBITDA turned positive against a loss of Rs 11.34 crore in Q2 of this fiscal.
Prince Pipes and Fittings is one of India’s largest integrated piping solutions & multi polymer manufacturers, based in Mumbai, Maharashtra. The company has been engaged in the manufacturing of polymer piping solutions in four types of polymers – CPVC, UPVC, HDPE, PPR.
Also read: Beware! The best performing MNC index stock is trading at expensive valuations, say analysts
Also read: UCO Bank shares more than double in four months; buy, sell or hold?
