Hariom Pipe Industries jumps on entering into asset transfer agreement with R.P. Metal Sections
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Hariom Pipe Industries is currently trading at Rs. 375.65, up by 30.05 points or 8.70% from its previous closing of Rs. 345.60 on the BSE.
The scrip opened at Rs. 349.85 and has touched a high and low of Rs. 376.00 and Rs. 349.85 respectively. So far 65599 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 373.45 on 12-Dec-2022 and a 52 week low of Rs. 169.35 on 11-May-2022.
Last one week high and low of the scrip stood at Rs. 355.00 and Rs. 290.75 respectively. The current market cap of the company is Rs. 925.04 crore.
The promoters holding in the company stood at 66.03%, while Institutions and Non-Institutions held 3.07% and 30.89% respectively.
Hariom Pipe Industries has entered into asset transfer agreement with R.P. Metal Sections on December 26, 2022 to purchase their operating Asset which manufactures Galvanized Pipe and Cold Roll coil. This unit is spread across 13.83 acres of land and located at SIPCOT Industrial growth centre, Perundurai, Tamilnadu. This purchase is for an all cash consideration of Rs 55 crore.
This purchase of Asset is subject to obtaining certain permissions and approvals for transfer of license from R.P. Metal Sections to Hariom Pipe Industries. The company is in the process of expanding product range to add more value-added products, this purchase will help the company in achieving the same.
Hariom Pipe Industries is an integrated manufacturer of Mild Steel (MS) Pipes, Scaffolding, HR Strips, MS Billets, and Sponge Iron.
