Hi-Tech Pipes stock surged 5.29% to an intraday high of Rs 206.50. Around 2 PM, the shares were trading at Rs 205, up 4.60%, with 19.89 lakh shares changing hands.
Hi-Tech Pipes, a smallcap company backed by Foreign Institutional Investors (FIIs), witnessed its shares growth by over 5 percent on Friday. This surge was driven by strong buying interest in the metal sector. The company’s shares started the day at Rs 197.40, up from the previous closing price of Rs 196.13.
Hi-Tech Pipes stock surged 5.29% to an intraday high of Rs 206.50. Around 2 PM, the shares were trading at Rs 205, up 4.60%, with 19.89 lakh shares changing hands. The stock is nearing its previous 52-week high of Rs 207.80, with a gap of less than 1.50%. Moreover, Hi-Tech Pipes is trading above its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, indicating a strong upward trend.
There was increased investor interest in the stock on Friday, as evidenced by a 63% surge in the 5-day average delivery volume compared to the previous trading session’s 12.08 lakh shares.
Hi-Tech Pipes, a member of the BSE SmallCap index, specializes in manufacturing and distributing electric resistance welded (ERW) steel products, including round and section pipes, cold rolled strips, and other engineering components.
Today, the metal index experienced a significant increase of over 2%, following a recent three-day downturn. This rally was fueled by a positive outlook from Macquarie, which predicted that steel companies would benefit from higher domestic prices compared to imports, stable financial positions, and decreasing production costs
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)
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