FIIs Bought 1,24,80,000 Shares & 1,000 Per Cent Returns: Multibagger Steel Pipes Stock Hit 52-Week High On September 18
The stock gave multibagger returns of 165 per cent from its 52-week low of Rs 79.06 per share and a whopping 1,000 per cent in 5 years
Today, shares of Hi-Tech Pipes Ltd gained 8.10 per cent and made a new 52-week high of Rs 210 per share from its previous closing of Rs 194.25 per share. The company has a market cap of over Rs 3,100 crore. In July 2024, FIIs bought FIIs bought 1,24,80,000 shares and increased their stake to 8.72 per cent compared to 1.82 per cent in June 2024. The stock gave multibagger returns of 165 per cent from its 52-week low of Rs 79.06 per share and a whopping 1,000 per cent in 5 years
Hi-Tech Pipes Ltd is a dominant player in India's steel industry, producing and distributing a vast array of steel products through an expansive network of over 5,000 retail outlets. Catering to a diverse clientele, the company's influence spans critical sectors including infrastructure, construction, automotive, energy and defence. Built on a strong foundation of branding and manufacturing excellence, Hi-Tech Pipes has experienced substantial growth, operating from six advanced manufacturing facilities with a combined capacity of 7,50,000 MTPA. The company's strategic expansion plans aim to elevate production to 1 million tons by the end of FY25, solidifying its market leadership position through popular brands like Alshakti, Organic, Shakti and Casewell.
Hi-Tech Pipes Ltd., a prominent Indian steel tubes and pipes manufacturer, has been awarded a positive credit rating by India Ratings and Research Pvt Ltd. The company's impressive revenue growth of 13 per cent year-on-year in FY24, driven by a 21% increase in net sales volume, has contributed to this positive assessment. India Ratings expects Hi-Tech Pipes' financial profile to strengthen further in the coming years due to improved cash flow from operations and debt repayments. The company's expansion plans, including the development of a new facility with a capacity of 2,85,000 tonnes per annum, are anticipated to fuel continued growth in its revenue and sales volume.
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Earlier, the company achieved a major milestone with a Rs 105 crore order from key players in India's renewable energy sector. The order for ERW Steel Pipes solidifies the company's position as a leading manufacturer of steel tubes and pipes in the country. This significant development reflects the growing reliance on renewable energy sources and the critical role of high-quality steel components in supporting this transition. To fulfil this substantial order, Hi-Tech Pipes will utilize its newly established, state-of-the-art manufacturing facility in Sanand Unit II Phase I. Equipped with advanced technology and optimized production processes, this plant is designed to meet the demanding quality standards of the renewable energy industry. The company expects to complete the order within three months, demonstrating its efficiency and commitment to timely delivery.
Investors should keep an eye on this small-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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