Antique Stock Broking initiates India's Hi-Tech Pipes with 'buy' rating

Hi-Tech Pipes

28/03/2024 05:11

** Antique Stock Broking initiates coverage of Hi-Tech Pipes
 HITC.NS  with "buy" rating and PT of 200 rupees
    ** HITC up 3% at 132.90 rupees
    ** Antique is the only brokerage covering the steel
pipe-maker currently, per LSEG data
    ** Brokerage says short-term stability in HRC steel prices
to aid co's margin and volume expansion, and higher share of
value-added products to support margins in long term
    ** Says general infrastructure spending and Make in India
initiative along with import substitution requirements to
continue boosting domestic sales of steel pipes
    ** Co's Q3 profit rose 10% YoY, rev up 10.7% and EBITDA
margin rose to 5% from 4.9% last year
    ** Rival steel pipe-makers Welspun Corp  WGSR.NS  and Jindal
Saw  JIND.NS  rated "strong buy" and "buy" on avg, respectively
- LSEG data
    ** HITC stock on track for first monthly decline since
August 2023

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))