Shares of Venus Pipes and Tubes climbed to a 52-week high of Rs 833.80 in early trade on April 12, following news that ace investor Ashish Kacholia had acquired about 2% stake in the small company in a block deal the previous day.

Kacholia bought 400,000 shares, or a 1.97% stake, in the company for a total of Rs 28.8 crore, the exchange’s block trade data showed. The deal was executed at a weighted average price of Rs 720 per share.

Kacholia is known for its ability to pick small and mid-sized companies. Other major shareholders include veteran investor Madhulika Agarwal, who holds a 2.46% stake in the company.

Among sellers, Nuvama Wealth Finance sold 138,000 shares, or a 0.67% stake, on the open market on April 11.

At 9:38 am, Venus Pipes and Tubes traded 5.29% higher at Rs 822.90 on the National Stock Exchange.

A total of 200,000 shares of the company changed hands in the first hour of trading, compared with a one-month daily average of 100,000 shares.

The Gujarat-based stainless steel and pipe maker debuted on the exchange in May 2022 and has become a long-listed play, returning more than 148%.

The company’s operating margin has been in the 12-13% range for the past five quarters. As for the quarter that ended in December, the company posted a net profit of Rs 11.3 crore on revenue of Rs 136.4 crore.