Shares of Hi-Tech Pipes Ltd. hit their lifetime high on Tuesday after it received orders worth Rs 105 crore for supplying electric resistance welded steel pipes to key customers in the renewable energy sector.
The company did not disclose the names of the entities from whom they received these orders.
"These significant contracts reflect the growing demand for sustainable energy solutions and underscore our commitment to supporting this vital industry," the company said in an exchange filing.
Shares of the company rose as much as 5.53% to Rs 192.79 apiece, the highest level. It pared gains to trade 2.32% higher at Rs 186.99 apiece as of 10:54 a.m. This compares to a 0.5% advance in the NSE Nifty 50.
The stock rose for the ninth consecutive session on Tuesday, marking its best winning streak since the ten sessions ended Jan. 23, 2017. In its nine-session rally, the stock has gained 33.44%. It has risen 62.44% on a year-to-date basis and 141.98% in the last 12 months.
Total traded volume so far in the day stood at 4.1 times its 30-day average. The relative strength index was at 78.7, indicating that the stock may be overbought.
All three analysts tracking the company maintain a 'buy' rating,' according to Bloomberg data. The average 12-month consensus price target implies a upside of 0.2%.
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