Hi-Tech Pipes shares soared to a lifetime high on Tuesday, surging 5.53% to Rs 192.79 apiece, after the company secured orders worth Rs 105 crore for supplying electric resistance welded steel pipes to key customers in the renewable energy sector.
The company’s stock has been on a winning streak, rising for the ninth consecutive session, with a 33.44% gain in the past nine sessions. Year-to-date, the stock has risen 62.44%, and 141.98% in the last 12 months.
The significant orders reflect the growing demand for sustainable energy solutions and underscore the company’s commitment to supporting this vital industry. However, the stock’s relative strength index (RSI) stands at 78.7, indicating that it may be overbought.
Despite this, all three analysts tracking the company maintain a ‘buy’ rating, with an average 12-month consensus price target implying a 0.2% upside. The company’s shares pared gains to trade 2.32% higher at Rs 186.99 apiece as of 10:54 a.m., outperforming the NSE Nifty 50’s 0.5% advance.
