Hi-Tech Pipes shares in focus: Shares of Hi-Tech Pipes were buzzing in trade on Tuesday, August 20, 2024. The share jumped as much as 5.35 per cent to hit a fresh 52-week high of Rs 192.75 per share.
The rise in the stock price came after the company announced that its board has approved raising of funds up to Rs 600 crore via QIP or other modes.
In an exchange filing, Hi-Tech Pipes said, “We wish to inform that the Board of Directors of the Company at its meeting held today i.e. on 19 per cent August, 2024, inter alia, considered, approved and recommended fund raising by the company, by way of inter alia, issue of equity shares or any other equity linked instruments or securities, including convertible preference shares/ fully or partly convertible debentures or by way of a composite issue of non-convertible debentures and warrants entitling the warrant holder(s) to apply for equity shares, or any other eligible securities through inter alia, a private placement or through one or more qualified institutions placements (QIP’s) or further public issue or a rights issue or through any other permissible mode under applicable laws and/ or combination thereof, as may be considered appropriate, for an aggregate amount not exceeding Rs. 600 crore, for cash and at such premium/discount, as applicable, subject to such approvals as may be required, including the approval of the Shareholders and further subject to such other statutory /regulatory /other approvals, as applicable.”
In a separate filing, the company announced that it has secured an order worth Rs 105 crore, for supplying ERW Steel Pipes from key customers in the renewable energy sector.
The steel pipes will be used in various applications within the renewable energy sector, including wind farms, solar installations, and other green energy projects, Hi-Tech Pipes said in a statement.
The orders will be executed from the company’s new state-of-the-art manufacturing facility located in Sanand Unit II Phase I, over the next three months.
The new facility, equipped with cutting-edge technology and efficient production processes, is set to deliver high-quality steel pipes that meet the rigorous standards of the renewable energy sector, it added.
“We are thrilled to be chosen as a preferred supplier of ERW Steel pipes for such a pivotal sector. Our Sanand unit represents a major investment in both our capabilities and our commitment to sustainability. These contracts not only demonstrate the confidence our clients place in us but also highlight our role in advancing renewable energy infrastructure,” said Ajay Kumar Bansal, chairman, Hi-Tech Pipes.
Hi-Tech Pipes stands among top companies in India’s steel processing sector, boasting nearly four decades of delivering innovative solutions. Its core offerings include a wide range of products such as steel pipes, hollow sections, tubes, cold rolled coils & strips, road crash barriers, solar mounting structures, GP/GC Sheets, Color Coated Coils, and various galvanised products.
The operations span across six state-of-the-art integrated manufacturing facilities strategically located in Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP – near Bangalore), and Khopoli (Maharashtra). These facilities collectively support an impressive installed capacity of 750,000 metric tonnes per annum, with plans to scale up to 1 million tonnes by FY25.
With a robust marketing footprint, the company directly engages with markets in over 20 states, supported by a network of more than 450 dealers and distributors nationwide.
The market capitalisation of the company is Rs 2,777.39 crore, and it falls under the SmallCap category.
At 11:47 AM, shares of Hi-Tech Pipes were trading 1.94 per cent higher at Rs 186.50 per share. In comparison, BSE Sensex was trading 0.46 per cent higher at 80,796.65 levels.
First Published: Aug 20 2024 | 11:54 AM IST
