Shares of Hi-tech Pipes Surge 7% After Approval of Allotment of Equity Shares

Hi-tech Pipes share price has surged 7% and is presently trading at Rs 137.5. Over the last one year, HI-TECH PIPES has moved up from Rs 74.6 to Rs 137.5, registering a gain of Rs 62.9 (up 84.3%).

In the Securities Allotment Committee meeting held on July 09, 2024, the committee approved the allotment of 1,77,55,000 Equity Shares, pursuant to the conversion of Fully Convertible Equity Warrants ("Warrants").

The company said in an exchange filing that, "Consequently, w.e.f. July 09, 2024, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stands increased to Rs. 17,61,11,000 (Rupees Seventeen Crores Sixty-One Lakhs and Eleven Thousand Only) consisting of 17,61,11,000 (Rupees Seventeen Crores Sixty-One Lakhs and Eleven Thousand Only) Equity Shares of Re. 1/- each. The aforementioned shares rank pari-passu with the existing Equity Shares of the Company".

Recently, the company said that it has emerged as the highest taxpayer in Bulandshahar Uttar Pradesh. The Department of Commercial Taxes Uttar Pradesh has named it the highest taxpayer (Bhama Shah Award) for the fiscal year 2023-2024 in the Bulandshahr District. This prestigious award acknowledges Hi-Tech Pipes contribution to the nation's economy through its timely and transparent payment of taxes. The company's commitment to compliance and ethical business practices has earned this distinguished recognition," the company said in a statement.

Earlier, Hi-Tech Pipes Limited reported consolidated financial results for the period ended March 31, 2024. Hi-Tech Pipes has posted a net profit of Rs. 11.12 crores for the period ended March 31, 2024 as against a net profit of Rs. 14.32 crores for the period ended December 31, 2023. The company posted a net profit of Rs.15.84 crores for the period ended March 31, 2023. Hi-Tech Pipes has reported a total income of Rs. 680.75 crores during the period ended March 31, 2024 as compared to Rs. 630.54 crores during the period ended December 31, 2023. The company reported a total income of Rs.702.15 crores during the period ended March 31, 2023.

For the Financial Year ended March 31, 2024, Hi-Tech Pipes has reported a total income of Rs.2, 700 .47 crores as compared to Rs.2, 388.10 crores during the Financial Year ended March 31, 2023. The company has posted a net profit of Rs.43.93 crores for the Financial Year ended March 31, 2024 as against a net profit of Rs.37.68 crores for the Financial Year ended March 31, 2023.

Hi-Tech Pipes is a manufacturer and a supplier of ERW pipes, which are extensively used in agriculture, industry and construction activities like scaffolding and casing in bore wells. It owns and operates integrated manufacturing facilities at Sikandrabad in Uttar Pradesh, Sanand in Gujarat and Hindupur in Karnataka.