homemarket Newsstocks NewsHariom Pipe shares gain the most since listing post Rs 55 crore acquisition
market | Dec 28, 2022 1:44 PM IST

Hariom Pipe shares gain the most since listing post Rs 55 crore acquisition

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Hariom Pipe Industries is currently undergoing an expansion plan as it looks to enhance its value-added product range in the iron and steel segment.

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Hariom Pipe Industries Ltd. gained as much as 11 percent, the most since going public in April this year, after the company purchased a manufacturing unit worth Rs 55 crore.


The unit in question was bought from RP Metal Sections Pvt. Ltd. and manufactures galvanised pipes and cold roll coils. The entire consideration would be paid in cash for the operating asset.

The manufacturing unit is spread over 13.83 acre land at SIPCOT (State Industries Promotion Corporation of Tamil Nadu) Industrial Growth Centre at Perundurai in Tamil Nadu.

The agreement is subject to approval for transfer of license from RP Metal Sections. The latter is required to take NOC and other approvals from SIPCOT to transfer the lease agreement in the name of Hariom Pipe Industries and other transfer of licenses.
Hariom Pipe Industries is currently undergoing an expansion plan as it looks to enhance its value-added product range in the iron and steel segment.

Recently, HDFC Bank sanctioned credit facilities worth Rs 197 crore to Hariom Pipe Industries, which will use the proceeds to fund its ongoing expansion plan. The credit facilities included cash credit, bank guarantee, letter of credit, term loans, etc.

The company’s new 15-ton electric melting furnace commenced commercial production in November and it’ll increase production of MS billets from the current 95,832 MTPA to 1,04,232 MTPA.

Shares of Hariom Pipe Industries are trading 10.5 percent higher at Rs 378.90.

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