Stock market update: Shares of steel pipes maker Hi-Tech Pipes are in focus today. The multibagger stock opened flat at Rs 108.45 against the previous close of Rs 108.95 on the BSE. But the counter gained to touch the high of 110.60 – a gain of 1.51 per cent for the closing price of last trading session. However, the counter plunged amid selling pressure to touch intraday low of Rs 105.50. Last seen, it was trading at Rs 105.85.
The counter has given a multibagger return of 104 per cent in three years. However, the stock has corrected over 30 per cent so far this year. The action in the stock comes as the company’s trustee Manoj Kumar Gupta has bought 90,000 shares of the company in free market purchases. This is the third purchase so far this month.
The first round of share purchases was done on March 6, when 10,000 shares were purchased. Following this, on February 11 an additional 10,000 shares were purchased. This activity resulted in an increase in Kumar’s holding from 0.10 in February to 0.15 per cent, or 3,07,500 shares.
Earlier, Steel pipes maker Hi-Tech Pipes has raised over Rs 500 crore through Qualified Institutional Placement (QIP) route. The QIP opened on October 7 post market hours, and closed on October 11, the company said in an exchange filing.
The QIP was oversubscribed by marquee institutional investors and received bids of over Rs 800 crore.
Meanwhile, Benchmark indices Sensex and Nifty continued their winning run on Tuesday (March 25, 2025) early trade as investors’ sentiment remained firm amid foreign fund inflows and a sharp rally in the US markets.
The 30-share BSE benchmark Sensex jumped 418.54 points to 78,402.92 in early trade. The NSE Nifty climbed 107.85 points to 23,766.20.
