Motilal Oswal AMC buys 2.5% stake in this small-cap multibagger stock - check details

Motilal Oswal Asset Management Company has bought a 2.5 per cent stake in New Delhi-based steel processing company Hi-Tech Pipes.

According to data available on the NSE website, Motilal Oswal Equity Opportunities Fund Series II has bought 2 lakh shares in the company. The transaction was executed at an average price of Rs 937 apiece via the open market.

Motilal Oswal Business Advantage Fund Series II also bought nearly 1 lakh shares. The transaction was executed at Rs 936.99 apiece.

Meanwhile, the company through an exchange filing informed that the board is considering splitting equity shares. The board is scheduled to meet on January 28 wherein the proposal to split the shares will be taken into consideration.

"Proposal of Sub-Division/ Split of the equity shares of the company, having a face value of Rs. 10 each, in such a manner as the Board may determine...," Hi-Tech Pipes had said a filing.

Incorporated in 1985, Hi-Tech Pipes is engaged in the manufacturing of a wide range of steel tubes and pipes. The company last paid a dividend of Rs 0.50 in September 2022. 

Shares of Hi-Tech Pipes have yielded a whopping 70 per cent return in the past 6 months. The stock of the iron & steel products company settled at Rs 970 apiece on NSE on Friday.