The 15 tonne electric melting furnace was set up by Hariom Pipe Industries, which hit a new all-time high today. The commercial production for the same will begin on November 25, 2022. It said in a communication with BSE, the furnace's function will increase the production of MS Billets from the current 95,832 MTPA to 1,04, 232 MTPA.
Hariom Pipe stock was up 11.62% to hit a new all-time high of 319.4 on the BSE. It closed at Rs 286.15 in the previous session. The company's stock of iron and steel products was close to its previous high of 318, hit on November 9, 2022. The stock was 9.82% higher on the BSE on the day it closed at Rs 314.5.
Hariom Pipe stock is higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gone up 15.62% in the last four sessions. The stock ended at Rs 318 on the BSE, 11.13% higher. On BSE, the firm's market cap rose to 810.14 crore.
The firm's issue price is more than 153 per share, and it has more than doubled its market price. The price band was from March 30 to April 5, 2022 to March 30 and April 5, 2022, which was held in a price band of Rs 144 to 153 per share. The allotment of shares was done on April 8. The allotment status was declared on the official website of Bigshare Services Pvt Ltd.
The lot size of Hariom Pipe IPO was 98 shares for which one would have to spend 14,994 for the entire lot size of the company. A retail individual investor can submit bids for up to 13 lots or 1274 shares by spending Rs 1,94, 922. The stock was a great debut, listing at Rs 220 on the NSE, 44% higher than the IPO price.
Hariom Pipe was listed at Rs 214, a 40 percent premium on the issue price of Rs 153. Hariom Pipe raised a total of 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 brand 'Hariom Pipes' brand, through more than 1,400 distributors and dealers.
Sensex ended up 21 points higher at 62,293 and Nifty gained 28 points to end at 18,512 today.