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Up 115% from 52-week low, metal stocks set record date for 10:1 stock split


With a market value of 1,074 Cr, Hi-Tech Pipes Ltd. is a small-cap company with activities in the metal industry. Headquartered in New Delhi, India, Hi-Tech Pipes is one of the major suppliers and manufacturers of ERW pipes in the country. It produces a wide variety of steel pipes and tubes. The company announced a 10:1 stock split as it announced its Q3 results. The company has set a record date for a corporate action announcement to determine shareholder eligibility.

On Friday, the company said in a stock application: “This is to inform you that members of the company have approved by correspondence vote the subdivision of shares of the company of one (1) share of shares of par value of Rs. 10/- each to ten (10) shares with a par value of Re. 1 each. Therefore, in accordance with Regulation 42 (2) of the Listing Obligations and Disclosure Requirements (SEBI) Regulations, 2015, the Company has set Friday, i.e. March 17, 2023, as the Record Date to determine the names of the shareholders entitled to subdivide (split) each of the shares of the company with a par value of Rs. 10/- each divided into 10 (ten) shares with a par value of Re. 1 each.”

In the third quarter of fiscal year 23 or Q3FY23, the company posted revenue of Rs. 569.29 crore, a 29% year-on-year increase from Rs. 440.02 crore in the third quarter of fiscal year 22. The company reported its highest ever net sales volumes in Q3FY23, rising 40% to 91,232 metric tons from 65,088 metric tons in Q3FY22.

During Q3FY23, Hi Tech Pipes recorded its highest ever net profit as PAT rose 28% year-on-year to Rs. 13.02 crore from Rs. 10.17 crore in Q3FY22, EBITDA grew 14% to Rs. 28.58 crore from Rs. 25.09 crore recorded in the same quarter of FY22.

Hi Tech Pipes launched commercial production of a color coating line in Sikandrabad, Uttar Pradesh, during the quarter ending December 2022 or Q3FY23. According to management’s statement, this will help to significantly reduce the cost element in the company’s production process.

Shares of Hi-Tech Pipes closed on the NSE on Friday 849.00 each, an increase of 0.81% from the previous close of 842.15. The stock is up 65.19% in the past year, but is down 0.64% YTD in 2023. The stock is up 44.33% over the past six months and lost 4.41% over the past month. The stock reached a 52-week high from 989.65 on (23-Jan-2023) and a 52-week low of 393.20 on (June 20, 2022), indicating that at the current market price, the stock is trading 14.21% below its 1-year high and 115.92% above its 1-year low. During Q3FY23, the company recorded a promoter interest of 59.32%, a FIIs interest of 0.57% and a public interest of 40.12%.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.