The stock of Hi-Tech Pipes soared by 5.5%, reaching a historical peak of Rs 192.79 on August 20, following the company’s receipt of a substantial Rs 105 crore order from clients in the renewable energy sector.

These agreements will be fulfilled within the next three months at the company’s newly established production plant in Sanand Unit II Phase I. “Equipped with advanced technology and efficient manufacturing processes, this new facility is positioned to supply top-quality steel pipes that meet the stringent standards of the renewable energy sector,” the company declared.

Furthermore, the company disclosed that its board had approved a plan to raise Rs 600 crore by issuing various financial instruments.

In an official filing with the stock exchange, the company indicated its intention to raise funds through different avenues, such as private placement, one or more qualified institutional placements, a follow-on public issue, or a rights issue.

The final structure of the financial instruments and any specific premium or discount applied will be determined based on market conditions and regulatory requirements.

A month earlier, Hi-Tech Pipes reported its highest-ever sales volume for the first quarter of the current fiscal year.

The company’s first quarter (Q1) sales volume increased 45% to 1,22,155 metric ton (MT), up from 84,489 MT in the same period last year. Strategic initiatives, including product line expansion, intensified marketing efforts, and process optimisation, drove this growth.

Revenue also rose 35% year over year to Rs 866.98 crore in the quarter ending June, accompanied by a 125% surge in net profit to Rs 18.05 crore, primarily due to enhanced sales realisation and the contribution of value-added products.

At 10:58 am, the shares of  Hi-Tech Pipes limited were trading 2.57% higher at Rs 187.37 per share on NSE. 

Ready to invest like a pro? The Unicorn Signals app equips you with 100+ Free tools and knowledge you need to succeed. Download the Unicorn Signals app and gain access to daily stock lists, insightful market analysis and, much more!