The company’s revenue from operations increased 20.78 per cent to Rs 761.02 crore in the reporting quarter from Rs 630.09 crore in the same period a year ago, it said.
Promoters increasing their stake in a company is generally considered good as it indicates that the promoter is confident of the growth prospects and expects the stock price to go up. One such company is Hi-Tech Pipes.
The company has informed exchanges that Manoj Kumar Gupta, Trustee, Hi-Tech Pipes Employees Welfare Trust bought 10,000 shares of the company via the open market.
Before this, Manoj Kumar had purchased 26,000 shares of the company through the secondary market, according to data available on the BSE website. With this, the equity shares held by him now stand at 2,07,500
Hi-Tech Pipes is a constituent of BSE SmallCap index and has a market cap of over Rs 2,092. As per BSE data, the smallcap stock has yielded a negative return of 18 per cent in the last one year while it has climbed 15 per cent in two years. The stock has delivered a multibagger return of 98 per cent in three years.
Meanwhile, the counter opened slightly lower at Rs 107.85 on the BSE against the previous close of Rs 108.30.
However, it bounced back to touch the high of Rs 108.50 before touching the day’s low of Rs 102.20. The 52-week low of the counter is Rs 97.10, and the 52-week high is Rs 210.75.
Earlier, the steel pipe maker reported a 34 per cent rise in consolidated profit after tax to Rs 19.15 crore in the December quarter, on account of increased revenue.
It posted a profit after tax (PAT) of Rs 14.33 crore in the year-ago period, the company said in a statement.
The company’s revenue from operations increased 20.78 per cent to Rs 761.02 crore in the reporting quarter from Rs 630.09 crore in the same period a year ago, it said.
Its EBITDA (earnings before interest, taxes, depreciation and amortisation) stood at Rs 40.23 crore during the quarter compared to Rs 31.57 crore a year earlier, a rise of 27.42 per cent.
Hi-Tech Pipes owns and operates six integrated manufacturing facilities having a combined installed capacity of 7,50,000 metric tonnes per annum.