Hariom Pipe shares zoom 12% to hit 52-week high

Shares of iron & steel products company Hariom Pipe Industries (HPIL) rallied nearly 12% to hit a 52-week high of Rs 319.40 amid heavy volumes after the company completed the setup of a 15-ton electric melting furnace.

“The company has completed the setting up of its 15 ton electric melting furnace and the commercial production from the same will commence from Friday, 25th November 2022. This will increase the company’s production of MS Billets from the current 95,832 MTPA to 1,04,232 MTPA,” the company said in a BSE filing.

At 12.12 pm, the scrip was trading 9.3% higher at Rs 312.8 over its previous day’s closing price of Rs 286 apiece. The stock has also surged nearly 56% in the last six months.

For the quarter that ended September 30 2022, the company reported consolidated revenue of Rs 127.2 crore, down 10.8% from the June quarter's revenue of Rs 142.6 crore. The company’s profit after tax grew 29% YoY to Rs 9.27 crore. EBITDA, too, was up 12.9% YoY at Rs 16.22 crore in Q2FY22.

Hariom Pipe Industries is a manufacturer of iron and steel products. The company evolving into an integrated steel manufacturer with a stronghold in the South Indian market. With a diverse product portfolio consisting of Mild Steel (MS) Billets, Pipes and Tubes, Hot Rolled (HR) Coils and Scaffolding Systems, its products cater to a variety of industrial applications across multiple sectors.