Metal stock is up 120% from 52-week-low, record date fixed for stock split

With a market valuation of ₹1,124 Cr, Hi-Tech Pipes Ltd. is a small-cap company with operations in the metal industry. In the Indian pipe market, Hi-Tech Pipes Ltd (HTPL) is a well-known brand name. Hi-Tech Pipes, one of India's top suppliers and manufacturers of ERW pipes, is headquartered in New Delhi. A broad range of steel tubes and pipes are produced by Hi-Tech Pipes.

The company has said in a stock exchange filing that “In continuation to our earlier communication dated March 03. 2023 with respect to Sub-Division of One (1) Equity Share of face value of Rs. 10/- each fully paid up into Ten (10) Equity Shares of Re. I/- each fully paid up w.e.f. the record date i.e. March 17. 2023. The Depositories have allotted New ISIN: INE106T01025 to the company. Please be informed that the shares with reduced face value will take effect in the new ISIN.”

Hi-Tech Pipes said its consolidated net profit for the December 2022 quarter rose by almost 28% to Rs. 13.02 crore from Rs. 10.16 crore during the same period of the previous fiscal. Moreover, its total income increased to ₹569.80 crore from ₹440.03 crore in the same period last year. In the December 2022 quarter, its expenses increased from ₹426.18 crore in December 2021 quarter to ₹552.40 crore. Also, the company paid a final dividend of ₹0.50 per equity share worth ₹10 during the quarter under review for the fiscal year 2021–2022.

The shares of Hi-Tech Pipes closed today on the NSE at ₹877.25, down by 0.99% from the previous close of ₹886.00. The stock recorded a total volume of 37,931 shares compared to a 20-Day average volume of 43,942 shares. In the last 1 year, the stock has gained 71.89% and on a YTD basis, the stock has gained 2.66% so far in 2023. 

The stock touched a 52-week-high of ₹989.65 on (23-Jan-2023) and a 52-week-low of ₹393.20 on (20-June-2022), indicating that at the current market price the stock is trading 11.35% below the 1 year high and 123.10% above the 1 year low. During the month ended February 2023, the company recorded a promoter shareholding of 57.81%, FIIs stake of 1.11%, DIIs stake of 3.91% and a public stake of 37.17%.