Hi-Tech Pipes shares hit record high on orders worth Rs 105 crore 

Shares of Hi-Tech Pipes, a steel tubes and pipes manufacturer, hit a record high on Tuesday after the firm acquired orders for supplying ERW steel Pipes, worth Rs 105 crore from its customers in the renewable energy sector. The stock hit a record high of Rs 192.75 against the previous close of Rs 182.95 on BSE. 

Market cap of the firm stood at Rs 2764 crore. Later, the stock ended at Rs 184.45. 

The orders will be executed from its New state-of-the-art manufacturing facility located in Sanand Unit II Phase I, over the next three months. "This new facility, equipped with cutting-edge technology and efficient production processes, is poised to deliver high-quality steel pipes that meet the rigorous standards of the renewable energy sector," said the firm. 

According to the company, its new facility equipped with upgraded technology and located in Sanand in Gujarat will help cater to this demand within next three months. The steel pipes will be used for wind farms, solar installations and other green energy projects.

Commenting on the order win, Ajay Kumar Bansal, Chairman, Hi-Tech Pipes said, “We are thrilled to be chosen as a preferred supplier of ERW Steel pipes for such a pivotal sector. These contracts not only demonstrate the confidence our clients place in us but also highlight our role  in advancing renewable energy infrastructure.”

Hi-Tech pipes operates six integrated manufacturing facilities located at Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP) – near Bangalore, and Khopoli  (Maharashtra) and males steel pipes, hollow sections, tubes, cold rolled coils & strips,  road crash barriers, solar mounting structures, GP/GC Sheets, Color Coated Coils, and other galvanized products.