Don’t miss action on this smallcap stock which declared 1:10 stock split!

Bhavya Rathod
/ Categories: Trending, Mindshare
Don’t miss action on this smallcap stock which declared 1:10 stock split!

On Friday, shares of Hi-Tech Pipes zoomed more than 1.3 per cent to make an intraday high of Rs 851.90. The scrip witnessed some profit booking and closed 0.49 per cent down to Rs 836.75.  

On March 03, 2022, the company announced that members of the company, through postal ballot have approved sub-division of Equity Shares of the Company from one (1) equity share of face value of Rs 10 each to ten (10) equity shares of face value of Re 1 each. The company has fixed Friday, March 17, 2023 as the record date for the same.  

In the quarter ended December 2022, the company’s total income rose by more than 29 per cent from last year’s same quarter to Rs 569.80 crore. The net profitability of the firm jumped by more than 28 per cent from the corresponding quarter last year to Rs 10.16 crore.   

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 across India. Hi-Tech Pipes is one of India’s leading manufacturers of steel pipes with a presence in more than 5,000 retail stores. The products are used in multiple sectors including infrastructure, construction, automobiles, energy, agriculture, defense, engineering and telecom.  

The stock has witnessed heavy buying as it has zoomed more than 65 per cent in just 1 year and more than 40 per cent in just 6 months. Keep a close eye on this trending stock.

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