Hi-Tech Pipes announced the successful closure of Rs 500 crore Qualified Institutional Placement (QIP), with oversubscription by marquee institutional investors. The QIP, which opened on 07 October 2024 (post market hours) and closed on 11 October  2024, received bids of over Rs 800 crore. The overwhelming response from marquee qualified institutional investors, demonstrates strong confidence on the Company's growth prospects. The QIP attracted a diverse pool of top-tier institutional investors including mutual funds, and renowned foreign institutions and treasuries, reaffirming the market's belief in Hi-Tech's ability to navigate industry challenges and capitalise on the growing demand in the ERW (Electric Resistance Welding) steel tubes and pipes segment. The QIP attracted leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mututal Fund, WhiteOak Mutual Fund, SBI General Insurance. Besides, prominent global institutions also participated in the QIP. The Company issued 26,996,734 fresh equity shares @ ₹ 185.50 per equity share under QIP, representing a discount of 4.86% to the floor price and 7.39% discount to the last traded price on NSE on October 7, 2024. Powered by Capital Market - Live

The floor price of Rs 194.98 is at a discount of 1.5% to the previous day's closing price of Rs 197.95 on the BSE. The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue. Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same. The company's consolidated net profit jumped 62.17% to Rs 18.05 crore on 27.3% rise in revenue from operations to Rs 866.98 crore in Q1 FY25 over Q1 FY24. Shares of Hi-Tech Pipes rose 0.48% to Rs 198.90 on the BSE.Powered by Capital Market - Live

Hi-Tech Pipes announced that the Annual General Meeting (AGM) of the company will be held on 21 September 2024.Powered by Capital Market - Live

Hi-Tech Pipes has received the credit rating of IND A; Stable/ IND A1 for bank facilities availed by the company. Powered by Capital Market - Live

'These significant contracts reflect the growing demand for sustainable energy solutions and underscore our commitment to supporting this vital industry,' the company stated. The orders will be executed from Hi-Tech Pipes' new manufacturing facility located in Sanand Unit II Phase I, over the next three months. This new facility is poised to deliver high-quality steel pipes that meet the standards of the renewable energy sector. 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. Our Sanand unit represents a major investment in both our capabilities and our commitment to sustainability. 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 is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same. The company's consolidated net profit jumped 62.17% to Rs 18.05 crore on 27.3% rise in revenue from operations to Rs 866.98 crore in Q1 FY25 over Q1 FY24. Powered by Capital Market - Live

Hi-Tech Pipes has received order for supplying ERW Steel Pipes, totaling of Rs.105 (Inclusive of GST) crores from key customers in the renewable energy sector. These significant contracts reflect the growing demand for sustainable energy solutions and underscore our commitment to supporting this vital industry. The orders will be executed from our 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 company. Powered by Capital Market - Live

The company may issue of equity shares or any other equity linked instruments or securities, including convertible preference shares/ fully or partly convertible debentures or by way of a composite issue of non-convertible debentures and warrants entitling the warrant holder(s) to apply for equity shares. The firm may also issue any other eligible securities through, a private placement or through one or more qualified institutions placements (QIP's) or further public issue or a rights issue or through any other permissible mode under applicable laws and/ or combination thereof. Hi-Tech Pipes is in the business of manufacturing of ERW steel round & section pipes, cold rolled strips & engineering products and distribution of the same. The company's consolidated net profit jumped 62.17% to Rs 18.05 crore on 27.3% rise in revenue from operations to Rs 866.98 crore in Q1 FY25 over Q1 FY24. The scrip rose 2.01% to end at Rs 182.95 on Monday, 19 August 2024. Powered by Capital Market - Live

Hi-Tech Pipes will hold a meeting of the Board of Directors of the Company on 19 August 2024.Powered by Capital Market - Live

The key equity benchmarks traded with limited gains in mid-afternoon trade. The Nifty traded at 24,400 level after hitting day's low of 24,212.10 in morning trade. Consumer Durables extended gains for the second consecutive trading sessions. At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 146.25 points or 0.18% to 79,852.16. The Nifty 50 index rose 32.70 points or 0.13% to 24,400.20. In the broader market, the S&P BSE Mid-Cap index rose 0.25% and the S&P BSE Small-Cap index added 0.74%. The market breadth was negative. On the BSE, 2,007 shares rose and 2,019 shares fell. A total of 120 shares were unchanged. Buzzg Index: The Nifty Consumer Durables index rose 1.06% to 38,699.80. The index jumped 1.68% in the two consecutive trading sessions. Voltas (up 11.29%), V-Guard Industries (up 3.48%), Kalyan Jewellers India (up 1.61%), Rajesh Exports (up 0.81%) and Century Plyboards (India) (up 0.4%), Havells India (up 0.31%) and Titan Company (up 0.1%) advanced. Numbers To Track: The yield on India's 10-year benchmark federal paper was up 1.69% to 6.996 as compared with previous close 6.880. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.9675, compared with its close of 83.9525 during the previous trading session. MCX Gold futures for 5 September 2024 settlement rose 0.38% to Rs 69,862. The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 103.24. The United States 10-year bond yield added 0.13% to 3.949. In the commodities market, Brent crude for October 2024 settlement added 48 cents or 0.60% to $79.66 a barrel. Stocks in Spotlight: Hi-Tech Pipes gained 3.63% after its consolidated net profit jumped 62.17% to Rs 18.05 crore in Q1 FY25 as against Rs 11.13 crore posted in same quarter last year. revenue from operations rose by 27.3% YoY to Rs 866.98 crore in the quarter ended 30 June 2024. Shipping Corporation of India soared 7.81% after the company's consolidated net profit grew 69.85% to Rs 291.48 crore in Q1 FY25 as against Rs 171.61 crore posted in Q1 FY24. Revenue from operations rose 26.18% year on year (YoY) to Rs 1,514.27 crore in June 2024 quarter. Morepen Laboratories jumped 2.27% after the company reported a consolidated net profit of Rs 36.17 crore in Q1 FY25, which is a rise of 147% as compared with the PAT of Rs 14.63 crore in Q1 FY24. Net revenue increased by 14% year-over-year (YoY) to Rs 458.64 crore during the period under review.Powered by Capital Market - Live

Net profit of Hi-Tech Pipes rose 125.06% to Rs 18.05 crore in the quarter ended June 2024 as against Rs 8.02 crore during the previous quarter ended June 2023. Sales rose 35.01% to Rs 866.98 crore in the quarter ended June 2024 as against Rs 642.17 crore during the previous quarter ended June 2023. ParticularsQuarter EndedJun. 2024Jun. 2023% Var. Sales866.98642.17 35 OPM %4.923.30 - PBDT29.1313.52 115 PBT24.0010.79 122 NP18.058.02 125 Powered by Capital Market - Live