Hi-Tech Pipes jumps 5% after the company announces record date for stock split

Shares of Hi-Tech Pipes were trading 5 per cent higher on Monday as the company announced the record date for the stock split of the equity shares on Friday. The company has amended its Memorandum of Association (MoA) accordingly.

The company has fixed March 17, 2023 (Friday) as the record date to ascertain the names of shareholders entitled for the sub-division of equity shares, the company said in its exchange filing. The company had announced this corporate action in January 2023.

It means that any shareholder having the shares of Hi-Tech Pipes in his demat account on the record date will be eligible for receiving the benefit of the corporate action.

The company will split its each share with a face value of Rs 10 each into ten equity shares with a face value of Re 1 each. The company had announced the sub-division of equity shares. The company has obtained approval from its members for the sub-division of each equity share.

Following the announcement of the record date, shares of Hi-Tech Pipes jumped about 5 per cent to Rs 877.30 during the early trade on Monday before paring up the initial gains marginally. The scrip had settled at Rs 836.75 on Friday.

Shares of Hi-Tech Pipes have jumped about 175 per cent from its 52-week low at Rs 323 on June 23, 2022. The scrip has advanced more than 50 per cent in the last six month, whereas it is trading flat in the year 2023.

For the quarter ended on December 31, 2022, Hi-Tech Pipes delivered a net profit of Rs 13.02 crore with a total revenue from operations at Rs 569.29 crore. The company reported a net profit at Rs 10.17 crore with an operational revenue at Rs 440.01 crore in the year ago period.

Along with it, Hi-Tech Pipes has appointed Anish Bansal, the whole-time director of the company and one of the promoters of the company as Chief Financial Officer (CFO-KMP), it said in another exchange filing.

Hi-Tech Pipes is among the country's top suppliers and manufacturers of ERW pipes, which are extensively used in agriculture, industry and construction activities like scaffolding and casing in bore wells.

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