Hariom Pipe stock hits record high, closes 10% higher in a tepid market

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Shares of Hariom Pipe Industries today hit their all-time high after the company completed the installation of 15 Ton Electric Melting Furnace. Commercial production for the same will commence from Friday, November 25, 2022. With the functioning of the furnace, the production of MS billets of the company will increase to 1,04,232 MTPA from the existing 95,832 MTPA, it said in a communication to BSE.

The stock of Hariom Pipes jumped 11.62% to hit an all-time high of Rs 319.4 on BSE. It had closed at Rs 286.15 in the previous session. The stock of the iron and steel products company breached its previous high of Rs 318 on Nov 9, 2022. Later, today the stock closed 9.82% higher at Rs 314.5 on BSE.

Hariom Pipes stock is trading above the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has gained 15.62% in last four sessions. Later, the stock closed 11.13% higher at Rs 318 on BSE. The market cap of the firm rose to Rs 810.14 crore on BSE.

The current market value of the firm has more than doubled from its issue price of Rs 153 per share. Hariom Pipes made its stock market debut on April 13, 2022.

The IPO was conducted from March 30 to April 5, 2022, in a price band of Rs 144 to Rs 153 per share. The allotment of shares was done on 8 April. The allotment status was declared on the official website of the registrar BigShare Services Pvt. Limited

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The lot size of Hariom Pipes IPO was 98 shares, for which Rs 14,994 would have to be spent. A retail individual investor can submit bids for 13 lots or 1274 shares by spending Rs 1,94,922. The stock made a promising debut, getting listed on the NSE at Rs 220, up 44% from the IPO price.

On BSE, Hariom Pipes listed at Rs 214, a 40 per cent premium over the issue price of Rs 153. Hariom Pipes raised Rs 130 crore in fresh capital through IPO.

Hyderabad-based Hariom Pipes produces iron and steel products including mild steel (MS) pipes, scaffolding, HR strips, MS billets and sponge iron. The company manufactures and sells MS Pipes in the western and southern parts of India under the brand name ‘Hariom Pipes’ through more than 1,400 distributors and dealers.

Meanwhile, today the Sensex closed up 21 points at 62,293 and the Nifty closed up 28 points at 18,512.

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