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<ul><li>Estimates peg the current market size of structural pipes at ₹32,000-₹40,000 crore.</li><li>ERW pipes sector is expected to grow at 12-13% for FY24, followed by 8-9% for the next 4-5 years.</li><li>The companies in the sector gave good returns in the last one year, but still have juice left, say analysts. </li></ul>India’s infrastructure spending and construction are on a full swing. And, as a proxy play, the companies, which supply specialized pipes to builders, have been gaining in value. All the four listed companies that make structural pipes have given over 50% returns in the last one year. Structural pipes are also mostly used in construction and also other sectors like oil &amp; gas, water supply and agriculture. Within construction, steel tubes or Electrical Resistance Welding (ERW) pipes are gaining increased acceptance. Their usage helps bring down construction time and save carpet area. Since they increase the returns of builders, they’re becoming a popular choice for a variety of infrastructure projects. How big is the sector? The sector is also gaining from increased construction activity from public and private sectors alike. But the key trigger is rise in spending by the Indian government, whose capex grew at 27% CAGR between FY19-24. “Majority of the spending will be driven by road transport and highways, railways, and defence, which augurs well for ERW pipes demand, as almost all these segments need structural pipes,” says a report by PhillipCapital. Estimates peg the current market size of these pipes anywhere between ₹32,000-₹40,000 crore. “We expect ERW pipes to grow faster pace than the steel industry – at 12-13% for FY24, followed by 8-9% for the next 4-5 years, considering it is still in the process of replacing some traditional long products that were previously used in construction,” says PhillipCapital. And, there are more infrastructure building plans in the pipeline. Water-supply lines under <keyword id="7834202" type="General" weightage="50" keywordseo="jal-jeevan-mission" source="Orion">Jal Jeevan Mission</keyword> are also expected to aid demand for these pipes. The government’s plans to add more airports, upgrade railway stations and metro construction should also provide more demand levers ahead. The sector also has fewer players who dominate the sector and each of them have a sizable market share. Analysts also believe that the stocks have juice ahead in spite of a good run-up, due to its growth levers. One the sector stocks – <keyword id="212389" type="General" weightage="50" keywordseo="surya-roshni" source="Orion">Surya Roshni</keyword> has also given multibagger returns in the last one year. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">APL Apollo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">56.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hi-Tech Pipes </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">60% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Surya Roshni </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">142% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JTL Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">82% </td></tr></tbody></table>Source: BSE Capex and growth ahead The companies in the sector are preparing for good volume growth ahead with aggressive expansion strategies. They are adding capacities, and also expanding their distribution footprint by establishing more stock keeping units. Added to that, their expansion plans are not leading to extensive debts by players – which is offering comfort to analysts. JTL raised funds through share warrants rather than debt to fund capacity expansion. “The company issued fully convertible warrants worth ₹3,840 crore to non-promoters in March 2023 to fund its 400,000 tonnes capacity addition at Raipur and Mangaon. This has led to a considerable reduction in its debt levels, improving its net debt to equity ratio,” said a report by Nuvama. <keyword id="429932" type="General" weightage="20" keywordseo="apl-apollo" source="Orion">APL Apollo</keyword>’s bet debt stood at ₹500 crore at the end of FY23. While it needs ₹600 crore more for capacity expansion, it also reduced its net working capital days to merely 7-8 days, affecting its borrowings in a benign manner. <keyword id="8105348" type="General" weightage="20" keywordseo="hi-tech-pipes" source="Orion">Hi-Tech Pipes</keyword> is also expanding and adding more value-added products to its portfolio, along with expansion and that’s another trigger ahead. “It trades at an attractive valuation and is one of the cheapest stocks available in this space. We believe the stock price has the potential to double, aided by earnings growth and some re-rating after it achieves the 500Kt volume target,” said PhillipCapital. With growth levers from private as well as government sector spending, the sector is poised for better days ahead. However, any change in the government’s capex plans in the run-up to elections may play spoilsport for the sector’s assumed growth rate.

Pipe Dream: Should you invest in these infra stocks that have delivered 50% returns?

<ul><li>The 30-share BSE index was trading 0.87% higher; while NSE Nifty jumped 96.05 points at 9:50 am </li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market index Sensex jumped over 300 points in early trade on Monday, tracking gains in index majors ICICI Bank, HDFC Bank and Reliance Industries amid positive trend in Asian markets. The 30-share BSE index was trading 0.87% higher; while NSE Nifty jumped 96.05 points at 9:50 am These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bharti Infratel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td></tr></tbody></table>*as of September 24, 10:00 am These are the top stocks in news today. Future Group stocks The shares of Future Group companies rallied after media <a href="https://www.thehindubusinessline.com/money-and-banking/biyani-close-to-deal-with-sbi-to-future-proof-insurance-arms/article32709290.ece">reports </a>claimed that as a part of a plan to cut down on debt, the Kishore Biyani-owned Future Group is set to ink a deal with State Bank of India for the sale of both the general and life insurance segments. At 9:50 am, Future Enterprises Future Lifestyle, Future Retail were locked in a 5% upper circuit set by the stock-exchanges. Hero MotoCorp rallied 2% The shares of Indian bike major Hero MotoCorp gained 2% after <a href="https://www.timesnownews.com/business-economy/companies/article/harley-davidson-close-to-deal-with-indias-hero-motocorp-after-stopping-local-manufacturing-sources/657938">media reports</a> surfaced that the US bike maker Harley Davidson is in talks with the Indian two-wheeler major to enter into a distribution arrangement. This will allow the Indian company to import and sell Harley bikes as its sole distributor. Indoco Remedies gain 5% The Mumbai based drug maker Indoco Remedies launched its own version of generic Favipiravir under the brand name Fevindo. The drug approved by DCGI in the treatment of Covid-19, Fevindo-400 is an antiviral drug, effective against the RNA‐based influenza virus. Vodafone Idea up 4% The shares of Vodafone Idea surged 4% during the early trade hours on Monday. This after the telecom regulator TRAI, decided to drop proceedings against Vodafone Idea in priority plan matter after the telco withdrew contentious claims on faster speed and modified its offering. Surya Roshni leaps 7% The shares of Indian multinational company Surya Roshni surged 7% after bagging ₹272.86 crore order for the supply of Coated API Line Pipes to GAIL (India) and Indradhanush Gas Grid (IGGL) for the North-East Gas Grid PipeLine project. PVR Limited up 7% PVR Limited shares surged during the early trade hours on Monday after Mamata Banerjee led West Bengal government has allowed the reopening of cinema halls from October 1 with certain Covid-19 restrictions. NTPC up 4% The shares of NTPC surged 4% after the state-owned company said it has successfully synchronized a 660-MW unit of its supercritical thermal power plant in Bihar with the grid. SEE ALSO: <a href="https://www.businessinsider.in/india/news/hyperloop-in-bengaluru-might-help-you-reach-the-city-in-10-minutes-from-the-airport/articleshow/78357354.cms" data-type="tilCustomLink">Hyperloop in Bengaluru might help you reach the city in 10 minutes from the airport</a> <a href="https://www.businessinsider.in/thelife/news/the-10-richest-family-aposdynastiesapos-in-asia-who-have-a-collective-net-worth-of-over-250-billion/10-the-kwek/slidelist/78298350.cms" data-type="tilCustomLink">The 10 richest family 'dynasties' in Asia, who have a collective net worth of over $250 billion</a>

Top stock movers — Future Retail, Hero MotoCorp, Indoco Remedies, Surya Roshni, PVR, Vodafone-Idea and more

<keyword id="212389" type="PERSON" weightage="20" keywordseo="Surya-Roshni">Surya Roshni</keyword>, which entered into the light-emitting diode (<keyword id="66363" type="COMPANY" weightage="20" keywordseo="LED">LED</keyword>) business in 2014 by investing about Rs 50 crore, is looking to achieve revenue of Rs 500 crore from this segment in the next three years. It is also planning to pump in more investments in this segment in the future. 
 "The company has already invested Rs 40-50 crore and is also planning to invest further. <keyword id="6363428" type="PERSON" weightage="20" keywordseo="Surya">Surya</keyword> shall strive to achieve a revenue of Rs 500 crore in LED segment in the next 2-3 years," said Surya Roshni Managing Director <keyword id="775166" type="UNKNOWN" weightage="20" keywordseo="Raju-Bista">Raju Bista</keyword>. 
 
Surya Roshni has also launched a campaign to create awareness among the people about the benefits of LED lights like less consumption of electricity and reduction in green house emission. 
 
"LEDs are the future of lighting and being the pioneers in this field, it becomes our responsibility to educate common people about the advantages of LED lighting," said Bista. 
 
Surya Roshni is the second largest lighting company in the country, having a sales network consisting of more than two lakh retailers.

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Pipe Dream: Should you invest in these infra stocks that have delivered 50% returns?

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Top stock movers — Future Retail, Hero MotoCorp, Indoco Remedies, Surya Roshni, PVR, Vodafone-Idea and more

Navdeep Yadav

Surya Roshni Aims To Generate Rs 500-cr Revenue From LED In 3 years

BI India Bureau

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