Hi-Tech Pipes Nears 52-Wk High on Ex-Split Day, Buoys 71% in 1 Year

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Hi-Tech Pipes Nears 52-Wk High on Ex-Split Day, Buoys 71% in 1 Year
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Shares of steel pipe manufacturer and supplier Hi-Tech Pipes (NS: HITC ) hovered over their 52-week high of Rs 98.97 apiece on Friday, hitting the intraday high at Rs 95.05 apiece on the NSE in the ongoing session, as the stock turned ex-split in the ratio of 10:1. 

The company’s Board of Directors had approved the sub-division or split of existing equity shares from one share of the face value of Rs 10 each into ten equity shares of the face value of Re 1 each fully paid up, translating to a stock split ratio of 10:1.

The record date for determining shareholders entitled to the said stock split was fixed as Friday, March 17, 2023.

Through the split, Hi-Tech Pipes aims to improve the liquidity of its equity shares in the stock market and make it more affordable for small retail investors. Doing so increases the number of shares in the market while keeping the stock’s market capitalization unchanged.

The corporate event is expected to complete approximately 2 months from the date of the Board’s approval.

The small-cap stock has rallied over 126% from its 52-week low value and jumped 71% in the past one year.

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