India's Hi-Tech Pipes down after Q4 profit falls

Welspun

13/05/2024 07:03

** Shares of Hi-Tech Pipes  HITC.NS  down as much as 6.6% to
116.30 rupees; last down 3% 
    ** The steel processing company on Friday reported a near
30% Y/Y fall in its March-qtr consolidated profit to 111.3 mln
rupees ($1.3 mln) 
    ** Net revenue from operations fell 3% Y/Y
    ** Expects a boost in infrastructure spending by the
government of India post-election, further driving demand for
steel pipes - HITC 
    ** Including session's move, stock is up 5% YTD, while
rivals Welspun Corp  WGSR.NS  and Steel Authority of India
 SAIL.NS  are up 6.2% and 24%, respectively



($1 = 83.5260 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))