Shares of Hariom Pipe Industries hit their all-time high today after the company completed the set up of 15 tonne electric melting furnace. The commercial production for the same will commence from Friday, November 25, 2022. The functioning of furnace will increase the company's production of MS Billets from the current 95,832 MTPA to 1,04,232 MTPA, it said in a communication to BSE.
Hariom Pipe stock zoomed 11.62% to hit an all-time high of Rs 319.4 on BSE. It closed at Rs 286.15 in the previous session. The stock of iron and steel products company breached its previous high of Rs 318, hit on November 9, 2022. Later, the stock closed 9.82% higher at Rs 314.5 on BSE today.
Hariom Pipe stock stands higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has risen 15.62% in the last four sessions. Later, the stock ended 11.13% higher at Rs 318 on BSE. Market cap of the firm rose to Rs 810.14 crore on BSE.
The current market price of the firm has more-than-doubled from its issue price of Rs 153 per share. Hariom Pipe made its stock market debut on April 13, 2022.
The IPO was held in a price band of Rs 144 to Rs 153 per share from March 30 to April 5, 2022. The allotment of shares was done on April 8. The allotment status was declared on the official website of the registrar Bigshare Services Pvt Ltd.
The lot size of Hariom Pipe IPO was 98 shares for which one would have to spend Rs14,994. A retail individual investor could submit bids for up to 13 lots or 1274 shares by spending Rs 1,94,922. The stock made a stellar debut, listing at Rs 220 on NSE, 44% higher to the IPO price.
On BSE, Hariom Pipe listed at Rs 214, a 40 percent premium over issue price of Rs 153. Hariom Pipe raised Rs 130 crore in fresh capital through the IPO.
Hyderabad-based Hariom Pipe produces iron and steel products including mild steel (MS) pipes, scaffolding, HR strips, MS billets and sponge iron. The company sells and markets MS pipes in the western and southern parts of India under the 'Hariom Pipes' brand name through more than 1,400 distributors and dealers.
Meanwhile, Sensex ended 21 points higher at 62,293 and Nifty gained 28 points to end at 18,512 today.
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