Hi Tech Pipes' shares continued to extend its gains on Monday as the company tops new all-time highs amid soaring trading volumes and ahead of its board meeting later this week to consider stock split proposal, The stock has turned mulitbagger in the last few months.
Hi Tech Pipes' shares rose more than 3 per cent during the trading session on Monday to hit a new record high of Rs 989.45. The counter had settled at Rs 958.10 on Friday. The smallcap company was commanding a marketcap a little less than Rs 1,200 crore.
Hi Tech Pipes' shares have delivered multiabgger returns in the last seven months as the stock has rallied more than 200 per cent from its 52-week low of Rs 323 on June 23, 2022. The stock has jumped 75 per cent in the last one year, whereas the counter has gained more than 40 per cent in the last one-year month, the data suggests.
Motilal Oswal mutual fund has recently shown its interest in the counter as it picked up 3 lakh equity shares of Hi-Tech Pipes on Friday. Motilal Oswal Equity Opportunities Fund Series II has bought 2 lakh shares in the company at Rs 937 apiece, Motilal Oswal Business Advantage Fund Series II also bought nearly 1 lakh shares for Rs 936.99 per share.
Hi-Tech Pipes' board is scheduled to meet on January 28, 2023 to consider the proposal of the sub-division/split of equity shares, the company told the exchanges in a regulatory filing earlier this month. The company board will also consider and approve its quarterly results on the same day, the filing added.
The company board will also consider the proposal of sub-division or split of the equity shares of the company, having a face value of Rs 10 each, in such a manner as the Board may determine, the regulatory filing said.
Recently, Hi-Tech Pipes signed MoU with the government of Uttar Pradesh to set up a mega manufacturing facility of steel tubes and flat steel processing with a proposed investment of Rs 510 crore in a phased manner.
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