Texmo Pipes spurts over 12%

Texmo Pipes announced yesterday after market hours that it has received an order for HDPE Pipe from L&T.

The order value is at Rs.81.30 crore.

The project is to be executed in 9 months. 

This Madhya Pradesh based company manufactures and markets PVC pipes and fittings, SWR pipes and fittings, CPVC pipes and fittings, Molded fittings, Plumbing pipes and fittings, Casing pipes for tubewells and other agricultural fittings.

The company had come out with its IPO in 2010 and it was priced at Rs.90. Given the fact that its 52-week high is at Rs.34.50, clearly it has been a losing proposition for the IPO investors in this company. Today, th stock price rose  over 12% to Rs.27.15.

Its market cap stands at Rs.69 crore and promoter holding is at 34.93%.

The company did well for Q1FY19 with a 106% (YoY) jump in net profit at Rs.99 lakh on a 15% rise in net sales at Rs.84 crore.