Hi-Tech Pipes up over 3%

Hi-Tech Pipes is doing well today, rising over 3% to an intraday high at Rs.879.35 on the back of good volumes. Its 52-week high is at Rs.912.

Over the weekend, the company announced that it has signed a Memorandum of Understanding (MOU) with the Government of Uttar Pradesh 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.

The current 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.

The company has manufacturing facilities at Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP) - near Bangalore, and Khopoli (Maharashtra), with an installed capacity of 5,80,000 MTPA, on a consolidated basis.

The stock was listed in February 2016 on NSE's SME platform and IPO price was at Rs.50/share.