Shares of Hi-Tech Pipes Limited have yielded multi-bagger returns to its investors. According to exchange data, the stock has spurted almost 90 per cent in the past 6 months on the back of a strong business.
In absolute terms, the shares of the New Delhi-based iron and steel products company have gained Rs 400 each. The counter closed at Rs 858 on NSE during the previous trading session on Tuesday. The stock is listed on BSE.
According to a filing by the company, it has recorded the highest sales volumes of 91,232 thousand tonnes in the third quarter of the current fiscal, registering a 40 per cent rise on a Y-o-Y basis. The same figure stood at 65,088 thousand tonnes in the corresponding period of the last fiscal.
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Hi-Tech Pipes said that it has also started commercial production of colour coating line at Sikandrabad in Uttar Pradesh with an installed capacity of 50,000 MTPA. Besides, it has manufacturing units in Gujarat's Sanand, Andhra Pradesh's Hindupur and Maharashtra's Khopoli.
Incorporated in 1985, Hi-Tech Pipes is engaged in the manufacturing of a wide range of steel tubes and pipes. The company last paid a dividend of Rs 0.50 in September 2022.
Earlier in November, the company had approved 57 lakh full convertible equity warrants at an issue price of Rs 692 per warrant.