Funds lap up shares of PSL, Jindal Saw

A few fund houses have been accumulating shares of pipe manufacturing companies over the past two weeks. According to dealers, ‘Co-Tech MF’, ‘Satyam Sivam Sundaram MF’, ‘Kala Paththar MF’, ‘Cutie Eye MF’ and ‘Reliable MF’ have been accumulating shares of PSL and Jindal Saw in large numbers.

As per analyst estimates, the sector is expected to post 25-30% growth over the next five years, following massive capex in the energy, oil and agro-irrigation sectors. Shares of Jindal Saw ended 7% higher at Rs 872.20 on the BSE, while PSL closed 3% lower at Rs 144.30 on Friday. Jindal Saw has gained 11% over the past one week.