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The company will sell its shares in the range of Rs 548-577 apiece with a lot size of 25 equity shares. However, this Rs 835.61 crore issue is entirely an offer for sale by the promoters and existing shareholders of the company.

The rupee appreciated 16 paise to 81.54 against the US dollar in early trade on Friday on broad dollar weakness and in line with its Asian peers.

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“Textile companies do not form a part of the top 50 or top 100 segment but they are very promising. These companies have borne the brunt of higher cotton prices in the last one quarter and probably some bit of slowdown in their customers in the US and UK and Europe. This sector looks very promising because there is a lot of government push here in this sector.”

At a board meeting of the company to consider fundraising exercise today at Ahmedabad, it was decided to raise funds via FPO through a fresh issue of equity shares by the company aggregating up to Rs 20,000 crore.

“Coming to e-catering, with a humble beginning of 21,000 pre-Covid level, our balance went down to as low as 8,000. Now we have gone up to nearly 37,000 meals a day. On peak days, we have booked nearly 58,000 meals a day also. In this financial year, we should be able to book around one lakh meals a day.”

“If Nifty manages to give a breakout at 18,500 level, it has the potential to reach up to 19,000 to 19,400 levels. If you look towards the overall longer degree, on the monthly charts it is very good. We can see these particular indices giving a breakout of a trend line which gives a very strong sign on the technical front.”

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.

"We expect the Nifty to be positively biased. FIIs have started the series with 77% longs in index. Every time Bank Nifty leads the rally, it has more strength. We expect the same, at least in the first fortnight of December. So, the indices might be in 18,100-18,800 and 42,000-44,500 might range for the indices and 18,100 and above the bias is positive for the December series."

A total of 21,940 shares changed hands on the counter till 02:08PM (IST).