India's Hi-Tech Pipes jumps on proposed $62 mln investment for steel facility

Hi-Tech Pipes

09/01/2023 04:49

** Shares of steel pipe manufacturer and supplier Hi-Tech
Pipes  HITC.NS  rise as much as 3.1% to 877.65 rupees, highest
level since Dec. 21
    ** Stock on track for a second consecutive session of gains
    ** Co says MoU signed with Uttar Pradesh government to set
up mega manufacturing facility for steel tubes and pipes, flat
steel processing
    ** Co to invest 5.10 bln Rupees ($61.98 mln) in phased
manner
    ** Share price is above the 50-day, 100-day and 200-day
exponential moving average, suggesting bullish trend
    ** Stock's moving average convergence divergence (MACD) line
has been above the signal line since Jan. 5, indicating bullish
bias
    ** More than 27,000 shares change hands by 10:01 IST vs
30-day avg of 113,584 shares
    ** Stock rose 52.66% last year
($1 = 82.2900 Indian rupees)
 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))