Hi-Tech Pipes shares surged over 5% to a new 52-week high of ₹192.79 on August 20, following the announcement of a ₹105 crore order from companies in the renewable energy sector. This order involves the supply of electric resistance welded (ERW) steel pipes, indicating strong market demand.
The company disclosed that the order will be executed at its state-of-the-art Sanand Unit II Phase I manufacturing facility over the next three months. This strategic win highlights Hi-Tech Pipes’ expanding presence in the renewable energy sector, enhancing its position as a key supplier in this growing industry.
In addition to the order win, Hi-Tech Pipes announced a significant fundraising initiative, with its board approving plans to raise up to ₹600 crore. The funds will be raised through a variety of financial instruments, including equity shares, convertible preference shares, and debentures, ensuring financial flexibility.
The company is exploring multiple fundraising avenues, such as private placements, qualified institution placements (QIPs), further public issues, rights issues, or other permissible modes. This fundraising is aimed at supporting Hi-Tech Pipes’ growth strategies, including expansion plans and potential new projects, to sustain its market leadership.
Hi-Tech Pipes Limited (HTPL) is a prominent manufacturer and supplier of ERW pipes, catering to various industries including infrastructure, telecommunications, defence, railroads, airports, real estate, and automobiles. As of 11:15 am on August 20, Hi-Tech Pipes shares were trading at ₹186.62, up 2.1% on the NSE.
