Hi-Tech Pipes Ltd Share Price – NSE  /  BSE

Steel, Small Cap

The key equity indices pared all early losses and traded with minor gains in morning trade. The Nifty hovered above 24,600 level. PSU bank shares advanced after declining in the previous trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 101.67 points or 0.12% to 80,807.57. The Nifty 50 index rose 24.10 points or 0.10% to 24,637.10.

The Sensex and Nifty clocked an all-time high of 80,910.45 and 24,678.90, respectively in morning trade.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index declined 1.02% and the S&P BSE Small-Cap index fell 0.93%.

The market breadth was weak. On the BSE, 1,414 shares rose and 2,200 shares fell. A total of 151 shares were unchanged.

Economy:

The International Monetary Fund (IMF) upgraded India's economic outlook, raising its growth forecast for the 2024-25 financial year to 7%. This revision is driven by an anticipated improvement in private consumption, especially in rural areas.

The IMF maintained its projection of 6.5% growth for the following year (2025-26). This information comes from their latest World Economic Outlook report.

In April, the IMF had already revised India's growth forecast upwards, from 6.5% to 6.8%. This latest increase reflects continued optimism about the Indian economy.

Earnings Today

Infosys (up 0.26%), L&T Technology Services (down 2.67%), Tata Communications (down 0.07%), Central Bank of India (up 2.52%), CIE Automotive India (down 0.82%), Dalmia Bharat (down 0.41), Grindwell Norton (down 0.74%), Havells India (down 0.30%), JSW Infrastructure (up 0.66%), Mastek (down 0.16%), Newgen Software Technologies (down 2.82%), Persistent Systems (down 1.05%), Polycab India (down 0.82%), Rallis India (down 1.85%), Sagar Cements (down 0.21%), Shoppers Stop (down 0.15%), South Indian Bank (up 0.63%), Sterling and Wilson Renewable Energy (up 3.03), Tanla Platforms (down 1.21) and Tata Technologies (down 0.47) will announce their quarterly results later in the day.

Buzzing Index:

The Nifty PSU Bank index rose 1.04% to 7,482.15. The index shed 0.25% in the past trading session.

Indian Overseas Bank (up 2.88%), UCO Bank (up 2.37%), Punjab & Sind Bank (up 2.27%), Central Bank of India (up 1.74%), Bank of Maharashtra (up 1.73%), State Bank of India (up 1.22%), Union Bank of India (up 1.11%), Canara Bank (up 0.99%), Bank of India (up 0.89%) and Punjab National Bank (up 0.38%) advanced.

Stocks in Spotlight:

Hi-Tech Pipes rallied 4.36% after the company reported 45% increase in total sales volume to 1,22,155 MT for Q1 FY24 as compared with the volume of 84,489 MT recorded in the same period last year.

Jubilant Ingrevia tumbled 5.01% after the company reported 15.36% decline in consolidated net profit to Rs 48.74 crore in Q1 FY25 compared with net profit of Rs 57.59 crore in Q1 FY24. Total revenue from operations stood at Rs 1,024.34 crore in Q1 FY25, down 4.71% from Rs 1,075.02 crore in Q1 FY24.

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The sales volume has risen by 13% from 1,07,721 MT registered in Q4 FY24.

According to Hi-Tech Pipes, the sales volume recorded in Q1 FY25 is the highest sales volume in the history of the company.

Ajay Kumar Bansal, chairman and managing director, Hi-Tech Pipes, said: “We are thrilled to reach this major milestone, which demonstrates our team's dedication and hard work.

Our focus on quality, customer-centric approach, and continuous improvement has enabled us to achieve this record-breaking sales volume. We are confident that this momentum will continue, driving our growth and success in the industry.

Further, we are extremely pleased with the contribution of our new manufacturing facility Sanand Unit II Phase 1, Gujarat, to our sales volume. The facility has been operational in the end of Q4FY24 and has already started to make an impact on our production capacity and efficiency.

This new facility is a game-changer for us, and will further cement our leadership position in western market.”

Hi-Tech Pipes is one of India’s leading steel processing companies. The company has a strong presence in steel pipes, hollow sections, tubes, cold rolled coils & strips, road crash barriers, solar mounting structures, GP/GC sheets, color coated coils and a variety of other galvanised products.

The company’s consolidated net profit declined 29.73% to Rs 11.13 crore as sales fell by 2.97% to Rs 681.03 crore in Q4 FY24 as compared with Q4 FY23.

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Net profit of Hi-Tech Pipes declined 29.73% to Rs 11.13 crore in the quarter ended March 2024 as against Rs 15.84 crore during the previous quarter ended March 2023. Sales declined 2.97% to Rs 681.03 crore in the quarter ended March 2024 as against Rs 701.86 crore during the previous quarter ended March 2023.

For the full year,net profit rose 16.59% to Rs 43.93 crore in the year ended March 2024 as against Rs 37.68 crore during the previous year ended March 2023. Sales rose 13.14% to Rs 2699.29 crore in the year ended March 2024 as against Rs 2385.85 crore during the previous year ended March 2023.

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Hi-Tech Pipes announced that the Board of Directors of the Company at its meeting held on 11 May 2024, has recommended a Final dividend of Rs.0.025 per share (i.e.2.5%), subject to the approval of the shareholders.

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