Hi-tech Pipes wins ₹105 Crore order; stock hits record high

20 Aug 2024 , 11:12 AM

Hi-Tech Pipes’ stock jumped 5.5% to a record high of ₹192.79 on August 20 after receiving a major order worth ₹105 Crore from customers in the renewable energy sector.

These contracts will be implemented over the next three months at our company’s new production plant in Sanand Unit II Phase I. This new plant, which is outfitted with cutting-edge technology and efficient manufacturing methods, is expected to produce high-quality steel pipes that fulfil the stringent standards of the renewable energy sector, according to the business.

In addition, the firm said that its board of directors has approved the issuing of various securities to obtain capital totalling ₹600 Crore.

The company intends to raise funds through a variety of means, including a private placement, one or more qualified institutional placements, a follow-on public offering, or a rights offering, according to an exchange filing.

Meanwhile, the final structure of the instruments, including the particular premium or discount imposed, will be determined by market conditions and regulatory constraints.

High-Tech Pipes Hi-Tech recorded its highest-ever sales volume in Q1 of the current fiscal year. The company’s first-quarter sales volume increased by 45 percent to 1,22,155 MT, up from 84,489 MT the previous year. This was driven by the company’s strategic ambitions, which included expanding product lines, increasing marketing activities, and improving procedures.

At around 10.42 AM, Hi-tech Pipes was trading 2.80% higher at ₹187.80, against the previous close of ₹182.68 on NSE.

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