The Board of Hi-Tech Pipes at its meeting held on 06 November 2024 has approved the 100% acquisition of Hi-tech Global Steels (CIN: U24311DL2024PTC429740) to further expand its business operations. Powered by Capital Market - Live News

Net profit of Hi-Tech Pipes rose 71.98% to Rs 18.11 crore in the quarter ended September 2024 as against Rs 10.53 crore during the previous quarter ended September 2023. Sales declined 5.38% to Rs 705.90 crore in the quarter ended September 2024 as against Rs 746.00 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales705.90746.00 -5 OPM %5.983.59 - PBDT29.5917.09 73 PBT24.3114.04 73 NP18.1110.53 72 Powered by Capital Market - Live News

Hi-Tech Pipes will hold a meeting of the Board of Directors of the Company on 6 November 2024Powered by Capital Market - Live News

Hi-Tech Pipes announced the commencement of 5 MW of captive green power utilization, sourced from its rooftop solar installation and open access agreements. This strategic move enhances the company`s commitment to sustainability and reinforces its leadership in environmentally responsible manufacturing. The initiative prominently features 3 MW sourced through Group Captive open access Solar Project, complemented by a newly established 1 MW rooftop solar plant at its Sanand Unit II Phase 1, enabling the company to harness renewable energy directly on-site. With this latest development, Hi-Tech Pipes` total solar power consumption has reached 13.5 MW, positioning the company to achieve significant reductions in energy costs while making notable strides toward its Environmental, Social, and Governance (ESG) objectives. The Government of India has taken the mission for zero carbon emissions by 2070, with a target of reducing emissions by 30% to 35% by 2030. To achieve this mission, the government is promoting the generation of green power through solar and wind energy, along with other environmentally friendly measures. Hi-Tech Pipes is proud to align its initiatives with this national vision.Powered by Capital Market - Live News

Hi-Tech Pipes announced the successful closure of Rs 500 crore Qualified Institutional Placement (QIP), with oversubscription by marquee institutional investors. The QIP, which opened on 07 October 2024 (post market hours) and closed on 11 October  2024, received bids of over Rs 800 crore. The overwhelming response from marquee qualified institutional investors, demonstrates strong confidence on the Company`s growth prospects.The QIP attracted a diverse pool of top-tier institutional investors including mutual funds, and renowned foreign institutions and treasuries, reaffirming the market`s belief in Hi-Tech`s ability to navigate industry challenges and capitalise on the growing demand in the ERW (Electric Resistance Welding) steel tubes and pipes segment. The QIP attracted leading domestic institutions like Motilal Oswal Fund, Bandhan Mutual Fund, Bank of India Mutual Fund, JM Financial Mutual Fund, LIC Mututal Fund, WhiteOak Mutual Fund, SBI General Insurance. Besides, prominent global institutions also participated in the QIP.The Company issued 26,996,734 fresh equity shares @ ₹ 185.50 per equity share under QIP, representing a discount of 4.86% to the floor price and 7.39% discount to the last traded price on NSE on October 7, 2024. Powered by Capital Market - Live News