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Shares of Hi-tech Pipes rose after the company announced the launch of its Qualified Institutional Placement (QIP), setting a floor price of Rs 194.98 per share, as approved by its board and its shareholders.
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In an exchange filing, Hi-Tech Pipes said: “The fundraising committee has approved the floor price for the issue of ₹194.98 per equity share (“Floor Price”), based on of the pricing formula prescribed under Regulation 176 of the SEBI ICDR Regulations.
The preliminary placement document was finalized by the committee at a meeting on October 7, the company said.
Earlier, on October 3, Hi-Tech Pipes reported its highest-ever sales volumes for the second quarter, reaching 123,027 tonnes, representing a year-on-year (YoY) growth of 22.5%. Sales for the first half of FY25 (April-September) stood at 245,182 tonnes, reflecting a solid 32.55% year-on-year increase.
This growth is driven by an increase in demand in key sectors such as infrastructure, water transport and solar energy.
Despite the challenges posed by the monsoon season, Hi-Tech Pipes effectively capitalized on increased public spending on critical infrastructure projects and private investment in renewable energy initiatives, the company said. Company.
“We are proud to announce these significant growth figures, which highlight our strong market position and our ability to meet the needs of our customers in vital sectors. The strong demand for steel pipes in infrastructure, water transportation and renewable energy, coupled with our strategic initiatives, has enabled us to achieve these numbers,” said Ajay Kumar Bansal, Chairman, Hi-Tech Pipes.
Looking ahead, Bansal said he is optimistic about continued growth, especially as the festive season approaches.
“We expect demand to increase during this period, alongside ongoing renewable energy and infrastructure projects, which will position us for sustained success. Our commitment to quality, sustainability and operational efficiency remains unwavering. We will continue to focus on innovation and customer satisfaction to maintain our competitive edge in the market,” added Bansal.
At 11:40 am, Hi-Tech Pipes was trading 0.76 per cent higher at Rs 199.45 per share. In comparison, BSE Sensex was trading 0.58 percent higher at 81,523.72 levels.
First publication: October 8, 2024 | 11:47 a.m. STI