Shares of Hi-Tech Pipes will trade ex-split on Friday, March 17. The company has announced its record data for the sub-division of equity on March 3. It has amended its share capital and Memorandum of Association (MoA) accordingly.
The company has received a new ISIN number from both the depositories, that is, National Securities Depository Limited and Central Depository Services (India) Limited. Bigshare Services has been appointed as the registrar to the issue.
Each share of Hi-Tech Pipes with a face value of Rs 10 each will be split in 10 shares of Re 1 each from Friday and will trade with a new ISIN number from the given session. All shareholders having the shares of Hi-Tech Pipes in their demat account as of the record date will get the benefit of the corporate action.
The rationale behind the split is to enhance the liquidity in the market and widen the shareholder base. Besides, it also makes the shares more affordable to small investors.
Shares of Hi-Tech Pipes rose about 3 per cent at the opening on Thursday but gave up their early gains from Rs 900 levels to trade around Rs 880. The scrip had settled at Rs 881.90 on Wednesday.
Shares of Hi-Tech Pipes have gained more than 45 per cent in the last six months, whereas the stock is trading 75 per cent up in the last one year. The stock is trading 180 per cent higher from its 52-week low at Rs 323 in June 2022.
For the quarter that ended on December 31, 2022, Hi-Tech Pipes delivered a net profit of Rs 13.02 crore with total revenue from operations at Rs 569.29 crore. The company reported a net profit of Rs 10.17 crore with an operational revenue of Rs 440.01 crore in the year-ago period.
Hi-Tech Pipes is among the country’s top suppliers and manufacturers of ERW pipes, which are extensively used in agriculture, industry and construction activities like scaffolding and casing in bore wells.
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