Pipe Traders

Hi-Tech Pipes on Tuesday said it bagged orders worth Rs 105 crore for supply of electric resistance welded steel pipes from customers in the renewable energy sector. The company also announced a plan to raise up to Rs 600 crore through issuance of equities. The supply orders will be executed from its new manufacturing facility located in Sanand, Gujarat over the next three months, the steel pipes maker said in a statement. The orders for supplying ERW (electric resistance welded) steel pipes, totalling Rs 105 crore, came from key customers in the renewable energy sector, according to the statement. "The steel pipes will be utilized in various applications within the renewable energy sector, including wind farms, solar installations, and other green energy projects," it said. In a separate statement, the company said its board has approved a plan to raise up to Rs 600 crore though equity issues. The fund raising plan has been approved "by way of issue of equity shares or any other

The commerce ministry's investigation arm DGTR has recommended the continuation of countervailing or anti-subsidy duty on welded stainless steel pipes and tubes from China and Vietnam to guard domestic players. In a notification, the Directorate General of Trade Remedies (DGTR) has said that there is a likelihood of injury to the domestic industry in the event of cessation of present countervailing duty on the imports from these two nations. "The authority has reached a conclusion that the duty imposed on subject goods is required to be extended further...The authority recommends extension of countervailing duties on imports of the product under consideration," the DGTR has said. The directorate has recommended a duty of up to 29.88 per cent on the product. The finance ministry takes the final decision to impose this duty. In its probe, the DGTR has concluded that in case of cessation of anti-subsidy duty, the domestic industry is likely to incur financial losses. Chinese produce

An India-based pipe manufacturing company has announced that it will invest USD 35 million to establish its first US production facility in northwest Louisiana and expects to create hundreds of jobs in the region. Howrah-based Global Seamless Tubes & Pipes exports its products to industry customers in more than 10 countries worldwide. Its Louisiana facility will have advanced machinery that integrates both hot-finishing and cold-drawn manufacturing processes in the same unit, positioning the company to meet growing demand better and build a domestic supply chain for North American customers in engineering, oil and gas and power generation sectors, according to a press statement. The company expects to create 135 direct new jobs in DeSoto Parish. Louisiana Economic Development (LED) estimates the project will result in 251 indirect new jobs, for a total of 386 potential new jobs in the Northwest Region. As a natural gas hub and a key player in the international energy supply chain,

Steel pipes maker JTL Industries Ltd on Friday reported a 47 per cent rise in its net profit at Rs 30.18 crore in the third quarter ended December 31. It had posted a profit of Rs 20.49 crore in the October-December period of preceding 2022-23 fiscal, the company said in an exchange filing. Its total income rose to Rs 568.33 crore from Rs 344.42 crore in the year-ago quarter. Expenses were at Rs 527.99 crore as against Rs 316.70 crore a year-ago. The company's net profit in the April-December period increased to Rs 83.46 crore from Rs 53.47 crore in the year-ago period, the filing said. JTL Industries is a leading producer of electric resistance welded steel pipes with a production capacity of more than 6 lakh metric tonnes per year.

The combined market size of the building material sector could touch Rs 2.7 trillion by FY26 from Rs 1.3 trillion in FY22

The company underperformed peers on the volume front in Q2, though margin impact was lower given value-added mix

It underperformed peers on the volume front in Q2, though margin impact was lower given value-added mix

Slowdown in construction activity, high inventory levels and cost spike key negatives

Analysts say till the time the Nifty trades below its 50-day moving average (DMA) the trend could be weak

Expanding distribution reach, value added products to help revenues, margins

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