Prince Pipes stock gains over 7% as Nuvama reiterates ‘buy' call, says company positioned for strong growth

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₹830, implying an upside of almost 24 percent.The positive outlook is driven by India's recovering real estate sector and robust infrastructure developments, which are boosting demand for plastic pipes. Nuvama's recent note highlights that channel checks indicate continued strong demand in both the infrastructure projects and plumbing sectors.

Strong demand, PVS price margins, expansion initiatives, and a strong project segment are some key positives for the firm, noted Nuvama.The stock rose as much as 7.5 percent to its day's high of ₹721. It is now just 7 percent away from its 52-week high of ₹775.75, hit on January 5, 2024.

Meanwhile, it has surged around 43 percent from its 52-week low of ₹505.15, hit on April 15, 2024.Prince Pipe shares have gained just a little over 4 percent in the last 1 month and lost around 3 percent in 2024 YTD. It jumped almost 16 percent in June so far after a 4.5 percent fall in May.

Prior to that, the scrip advanced over 16 percent in April but was in the red in the first 3 months of the current calendar year. It lost 4.2 percent in March, 19.3 percent in February and 4.3 percent in January 2024.Prince Pipes stands out in India's rapidly expanding plastic pipes industry, which has seen a compound annual growth rate (CAGR) of 12-14 percent.