Hariom Pipe hits record high on acquiring operating asset of R P Metal Sections

Hariom Pipe Industries rallied 15.49% to Rs 399.15 after the company said it entered into asset transfer agreement with RP Metal Sections to purchase a unit that manufactures galvanised pipe and cold roll coil.

This unit spread across 13.83 acres of land and located at State Industries Promotion Corporation of Tamil Nadu (SIPCOT) Industrial growth centre, Perundurai, Tamilnadu. This purchase is for an all cash consideration of Rs 55 crore.

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.

This purchase is subject to obtaining certain permissions and approvals for transfer of license(s) from R P Metal Sections to Hariom Pipe Industries.

Hariom Pipe Industries is a premium manufacturer of iron and steel products, catering to diverse industrial needs across multiple sectors.

The company's standalone net profit rose 28.9% to Rs 9.27 crore on 11.4% jump in net sales to Rs 127.06 crore in Q2 FY23 over Q2 FY22.

The counter hit a record high of Rs 403 in intraday today.

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