India's Hi-Tech Pipes gains on higher Q3 sales volumes

Hi-Tech Pipes

02/01/2023 09:58

** Shares of Hi-Tech Pipes  HITC.NS  rise as much as 4.7% to
859 rupees, highest since Dec. 22
    ** The steel pipe manufacturing firm on Monday reported
third-quarter sales volumes of 91,232 metric tonnes per annum
(mtpa), up 40% y/y  urn:newsml:reuters.com:*:nFWN33N003
    ** Co also said it started commercial production of color
coating line at Sikandrabad facility, U.P. with 50,000 mtpa
capacity
    ** Co stock trades above their 50-day, 100-day and 200-day
moving averages for 4th straight session, indicating bullish
momentum 
    ** More than 50,954 shares traded, vs 30-day moving avg of
197,265 shares
    ** HITC set to rise for a sixth straight session, if gains
hold
    ** Stock rose 52.7% in 2022, gaining for a third consecutive
year 
 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com; +91 9830427878))