Metal Stock Hi-Tech Pipes Hit 52W-High On Securing Rs.105 Cr Order & Rs. 600 Cr Fundraising Deals

On Tuesday, the shares of Hi-Tech Pipes opened higher at Rs 185.25 and triggered a buying trend in the shares which caused the stock to mark a fresh 52-week-high of Rs 192.75 in the morning deals. The buying activity was seen in the stock after the company announced 2 major business growth deals.

On Monday, Hi-Tech Pipes Ltd. announced the successful acquisition of orders totalling Rs. 105 (GST included) crores from significant clients in the renewable energy industry for the delivery of ERW steel pipes. Over the course of the following three months, the orders will be fulfilled from its brand-new, cutting-edge production plant in Sanand Unit II Phase I. With its state-of-the-art equipment and productive manufacturing methods, this new plant is prepared to supply premium steel pipes that satisfy the exacting requirements of the renewable energy industry.

Mr. Ajay Kumar Bansal, Chairman, Hi-Tech Pipes Ltd, said "We are thrilled to be chosen as a preferred supplier of ERW Steel pipes for such a pivotal sector. Our Sanand unit represents a major investment in both our capabilities and our commitment to sustainability. These contracts not only demonstrate the confidence our clients place in us but also highlight our role in advancing renewable energy infrastructure."

"The steel pipes will be utilized in various applications within the renewable energy sector, including wind farms, solar installations, and other green energy projects. Hi-Tech Pipes is dedicated to providing products that not only meet but exceed industry standards, ensuring durability and performance in the most demanding environments. With this new contract, we continue to strengthen our position as a leader in the steel pipes manufacturing industry and a key player in the transition to renewable energy," he further added.

On a separate exchange filing on Monday, Hi-Tech Pipes fundraising deal of upto Rs 600 Cr via qualified institutional placements issue. "Fund raising by the Company, by way of inter alia, issue of Equity Shares or any other equity linked instruments or securities, including convertible preference shares/ fully or partly convertible debentures or by way of a composite issue of non-convertible debentures and warrants entitling the warrant holder(s) to apply for Equity Shares, or any other eligible securities through inter alia, a private placement or through one or more qualified institutions placements (QIP's) or further public issue or a rights issue or through any other permissible mode under applicable laws and/ or combination thereof, as may be considered appropriate, for an aggregate amount not exceeding Rs. 600 Crores (Rupees Six Hundred Crores only), for cash and at such premium/discount, as applicable, subject to such approvals as may be required, including the approval of the Shareholders and further subject to such other statutory /regulatory /other approvals, as applicable," said the company in a stock exchange filing.

One of the top steel processing companies in India, Hi-Tech Pipes has been producing cutting edge, innovative products for almost 40 years. Its product line includes a wide range of galvanised products, including hollow sections, tubes, cold rolled coils and strips, road crash barriers, solar mounting structures, GP/GC sheets and color-coated steel pipes.