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Shares of Hi-Tech Pipes jumped nearly 3 percent in morning trade on Monday after the company announced that it has collaborated with the Uttar Pradesh Government for setting up a manufacturing facility of steel tubes and pipes and flat steel processing at an investment of Rs 510 crore.

The company has signed the Memorandum of Understanding (MOU) with the Government of Uttar Pradesh under the Invest UP Programme.

As a part of the MOU, the proposed Investment of Rs 510 crore will be completed in a phased manner.

Further, the favourable business environment and the special incentive packages offered by the state government will additionally help the company to strengthen its position in the steel tubes, pipes, and flat steel processing industry.

The steel pipes manufacturer reported a 40 percent increase in the sales volume at 91,232 thousand tonnes in the December quarter compared to 65,088 thousand tonnes in the year-ago period.

Hi-Tech Pipes is a leading steel processing firm and has manufacturing facilities at Sikandrabad (UP), Sanand (Gujarat), Hindupur (AP) - near Bengaluru, and Khopoli (Maharashtra), with an installed capacity of 5,80,000 MTPA, on a consolidated basis.

Shares of Hi-Tech Pipes ended 0.88 percent higher at Rs 859 on Monday.

(Edited by : Rukmani Krishna)