Hi-Tech Pipes installs power plant, stock up

One of the leading steel processing companies, Hi-Tech Pipes announced the installation of 400 KW grid-connected solar power plant. This rooftop solar project will be conducted at its Hindupur facilities, Andhra Pradesh. The stock of Hi-Tech Pipes is trading up gaining 4.1 per cent at 13:58 hours, despite weakness in the markets.

The company operates manufacturing facilities at Sikandrabad, Sanand and Hindupur with a total installed capacity of 4,20,000 MTPA on the consolidated basis which also includes capacity expansion project newly started at Sanand. Of this, Hindupur facility holds the manufacturing capacity of 1,20,000 MTPA. The current solar project at Hindupur holds a capacity of 6,00,000 units/annum. The said project will help reduce energy consumption and reduce the amount of carbon footprint by 483 tonnes/annum.

The stock of Hi-Tech Pipes hit a Double top at 446.80 and is trading with lower tops and lower bottoms since then. The stock bounced back from 240.35 levels on July 18, but resisted at its multiple resistance of 339 on a closing basis. Thereafter, the stock has formed a Rounding bottom pattern on the daily timeframe.

Monday is the fourth consecutive session of an upbeat for a stock and it hit above its 328 followed by 332 resistances with volume spurts and 14-period RSI crossing 60 on the upside. If Hi-Tech Pipes holds these levels on a closing basis, it can breach 339 and move up.