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 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.
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.