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    Multibagger stock announces 10:1 stock split, shares rally 6%

    Synopsis

    "The commercial production of our new colour coating line has commenced this month. We are happy that this high margin value-added product will further help in strengthening the company’s margin on blended Level in medium to long term," Bansal said.

    Multibagger stock announces 10:1 stock split, shares rally 6%Shutterstock.com
    Hi-Tech Pipes shares rallied 6% on Monday after the company announced to split its shares in a 10-to-1 ratio.

    "The Board approved the sub-division of existing equity shares of the company from one equity share having face value of Rs 10 each fully paid-up into 10 equity shares having face value of Rs 1 each fully paid-up," the company said in a filing.

    The record date for the purpose of split will be intimated in due course.

    In the last one year, the company has given multibagger returns to investors, offering over 80%. So far this year, the shares have risen 12%.

    The company has reported a profit after tax (PAT) of Rs 13.02 crore, up by 28% in the third quarter as compared to Rs 10.17 crore in the same quarter of last year.

    Meanwhile, revenue from operations was up 29% at Rs 569 crore as against Rs 440 crore in Q3FY22. Total sales volumes rose 40% to 91,232 tonnes as compared to 65,088 tonnes in the last year period.

    “During this quarter, the company registered a healthy set of numbers in terms of revenue, highest sales volume and profitability, mainly due to better capacity utilization, improved sales realization and increase in share of Value-added Products," said Ajay Kumar Bansal, Chairman and Managing
    Director, Hi-Tech Pipes.

    The company's EBITDA rose 12% to Rs 28.07 crore for the quarter under review as against Rs 25 crore a year ago.

    "The commercial production of our new colour coating line has commenced this month. We are happy that this high margin value-added product will further help in strengthening the company’s margin on blended Level in medium to long term," Bansal said.

    Hi-Tech pipes is a steel processing company, providing innovative products for nearly four decades with a strong presence in steel pipes, hollow sections, tubes, cold rolled coils & strips, road crash barriers and solar mounting structures.



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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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