Hi-Tech Pipes shares today gained after three-day of consecutive fall. The scrip is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
Shares of Hi-Tech Pipes, a leading Indian piping player, on Wednesday surged as they defied the weak trend in the domestic market. The stock opened in the green at Rs 130.50 against the previous close of Rs 128.92. It surged further to touch the high of Rs 141, a gain of 9.37 per cent agains the previous close.
Hi-Tech Pipes shares today gained after three-day of consecutive fall. The scrip is trading higher than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The surge comes as the company has informed through an exchange filing that the Securities Allotment Committee has approved the allotment of 1,77,55,000 equity shares to the promoter group and non-promoter group pursuant to conversion of fully convertible equity warrants upon exercise of the option by the allottees.
“Consequently, w.e.f. July 9, the issued, subscribed and paid-up equity share capital of the company stands increased to Rs 17,61,11,000 consisting of Rs 17,61,11,000 equity shares of Re 1 each,” the filing said.
Meanwhile, the shares of the company opened in green today’s trade. The counter started the session at Rs 811.70 and gained further to touch the high of Rs 811.70. Last seen, the counter was trading at Rs 789.90.
Meanwhile, equity benchmark indices tumbled after hitting their fresh record high levels in early trade on Wednesday, with the Sensex dropping over 900 points, dragged by M&M and IT stocks along with a largely weak global market trends.
Profit-taking after a record-shattering rally also played spoilsport for the markets.
The 30-share BSE Sensex climbed 129.72 points to hit a new all-time high of 80,481.36 during the opening trade. But, soon the benchmark retreated and tumbled 915.88 points to 79,435.76 during the late morning trade.
The NSE Nifty also hit its fresh lifetime high of 24,461.05 in opening deals but pared all gains and declined 291.4 points to 24,141.80. Among the Sensex pack, Mahindra & Mahindra tanked over 7 per cent. HCL Technologies, TCS, Tata Steel, Kotak Mahindra Bank and State Bank of India were other big laggards.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)