Small Cap Metal Stock Emerged As Highest Taxpayer In This State; Do You Own?

Small-cap metal stock Hi-Tech Pipes Ltd opened higher on BSE on Monday at Rs 136 apiece after the company emerged as the highest taxpayer in Uttar Pradesh. One of the top steel pipe manufacturers in India, Hi-Tech Pipes Limited, is pleased to announce that the Department of Commercial Taxes Uttar Pradesh has named it the highest taxpayer (Bhama Shah Award) for the fiscal year 2023-2024 in the Bulandshahr District.

"This prestigious award acknowledges Hi-Tech Pipes contribution to the nation's economy through its timely and transparent payment of taxes. The company's commitment to compliance and ethical business practices has earned this distinguished recognition," the company said in a statement.

Mr. Ajay Kumar Bansal, Chairman & Managing Director, Hi-Tech Pipes Ltd. said, "We are honored to receive this award, which reflects our dedication to responsible business practices and our commitment to supporting the development of our Nation. We appreciate the recognition by Department of Commercial Taxes U.P. and will continue to uphold the highest standards of compliance and transparency."

Commenting on the growth outlook of the company, Ajay Kumar Bansal said, "The company is moving towards achievement of vision of One Million Ton bit by bit. Now the installed capacity of the company has increased from 5,80,000 mt to 7,50,000 mt by commencement of commercial production of its green field project at Sanand ( Unit - II) with installed capacity of 1,70,000 mt with size range from 15 nb to 400 nb. Further construction activities at Sikandrabad ( Unit - Ill ) with installed capacity of 150,000 mt is in full swing and will be commenced within this financial year."

"In order to increase capacity utilisation the company is further strengthening its sales & marketing team and undertaking many branding activities including wall painting, retailers board, social media, retailer & fabricators meetings etc," he added.

"Next financial year 2024-25 has started with a positive sign as steel prices have stabilised now and further price gap between prime material & secondary material has reduced significantly. It is further expected that after election results boost will come in the infrastructure spending by Government of India which will lead to further spurt in steel pipe demand," he further stated.

One of the top steel processing companies in India, offering top-notch, cutting-edge products for almost 40 years is Hi-Tech Pipes. Its product line includes a wide range of galvanised products, including steel pipes, hollow sections, tubes, cold rolled coils and strips, road crash barriers, solar mounting structures, GP/GC sheets and coloured coated coils. With a combined installed capacity of 7,50,000 MTPA, the company has six (6) cutting-edge integrated manufacturing plants in Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP) - close to Bangalore, and Khopoli (Maharashtra). The company has more than 450 dealers and distributors throughout India and a market footprint in more than 20 states.