Hi-Tech Pipes shines on signing MoU with Government of UP to set up new manufacturing facility
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Hi-Tech Pipes is currently trading at Rs. 869.55, up by 17.00 points or 1.99% from its previous closing of Rs. 852.55 on the BSE.
The scrip opened at Rs. 867.35 and has touched a high and low of Rs. 875.75 and Rs. 862.70 respectively. So far 4889 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 912.00 on 15-Dec-2022 and a 52 week low of Rs. 323.00 on 23-Jun-2022.
Last one week high and low of the scrip stood at Rs. 875.75 and Rs. 826.00 respectively. The current market cap of the company is Rs. 1046.17 crore.
The promoters holding in the company stood at 59.32%, while Institutions and Non-Institutions held 0.17% and 40.51% respectively.
Hi-Tech Pipes has signed a Memorandum of Understanding (MoU) with the Government of Uttar Pradesh (UP) for setting up of a Mega manufacturing facility of Steel tubes & Pipes and Flat Steel Processing.
Under this MoU, the proposed investment will be of Rs 510 crore to be invested in phased manner. Further, the favourable business environment and the special incentive packages offered by the U.P. government will additionally help the company to strengthen its position in the steel tubes& Pipes and Flat Steel Processing Industry.
Hi-Tech Pipes - an ISO 9001 certified company, is one of India's leading engineering house of excellence and innovation producing steel pipes, hollow sections, tubes, cold rolled coils, road crash barriers, solar mounting structures and strips and a variety of other galvanized products.
