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Hi-Tech Pipes' stock price up by more than 6% today

The board will meet to discuss generating money by giving preferential treatment to those who fall under the promoter, promoter group, or non-promoter group categories when issuing securities

November 23, 2022 2:05 IST | India Infoline News Service
After the firm revealed that the board will meet on November 24 to discuss raising money through a preferential offer, Hi-Tech Pipes' shares jumped sharply to reach a record high level of Rs 739.95 on the BSE on Tuesday.
On Thursday, November 24, 2022, the board of directors of the company will meet to discuss, approve, or recommend fundraising through the preferential issue of security(ies) to those who fall under the promoter/promoter group/non promoter group categories, Hi-Tech Pipes said in a regulatory filing on Monday after market hours.

The iron and steel products company's shares rose above the previous record high of Rs. 685, attained on October 4, 2022. It has risen 23% over the last three trading days. Hi-Tech Pipes' market price has increased by 127% since reaching a low of Rs 326 on June 23. The company's EBITDA/ton fell by 26% to Rs 2,640 in the April through September quarter (H1FY23) from Rs 3,605 in H1FY22. But operating revenue increased 32% to Rs 1,114 crore from Rs 844 crore in H1FY22, driven by higher sales volume and stronger sales realization.

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