This small-cap company signed MOU with Government of Uttar Pradesh; check out the details below!

The company announced Q3FY23 results wherein the company recorded the highest sales of 91,232 thousand tonnes vs 65,088 thousand tonnes in Q3FY22, a growth of 40per cent YoY.

Hi-Tech Pipes Ltd signed an MOU with Government of Uttar Pradesh to set up a mega manufacturing facility for steel tubes and pipes, as well as flat steel processing. The proposed investment is Rs 510 crore, which will be invested in stages.   

This proposed project will go a long way toward achieving Hon'ble Chief Minister Sh. Yogi Adityanath Ji's vision of building a USD 1 trillion economy in Uttar Pradesh.   

Today, shares of Hi-Tech Pipes Ltd soared 3.15 per cent to Rs 879.35 per share from its previous closing of Rs 852.55.

Hi-Tech Pipes Ltd is one of India’s leading manufacturers of Steel Pipes with a market cap of Rs 1074.52 crore. It is engaged in manufacturing ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same across India. Today, shares of Hi-Tech Pipes Ltd saw a spurt in volume by more than 1.22 times on BSE.  

Recently, the company announced Q3FY23 results wherein the company recorded the highest sales of 91,232 thousand tonnes vs 65,088 thousand tonnes in Q3FY22, a growth of 40per cent year-on-year. The net profit rose by 73.92 per cent in FY22 compared to FY21. The stock returned 76.16 per cent to shareholders over the last six months. Investors should keep an eye on this Small-Cap stock.