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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).

Many analysts are cautious about high valuations amid looming demand slowdown but say there are enough stock picking opportunities in the broader market as several pockets have not participated in the rally.

The company will issue these warrants to promoters, non-promoters investors including qualified institutional buyers (QIBs). However, the issuance of these warrants is subject to approval of shareholders of the company.

“Various government initiatives are helping not only the private sector, but also the public sector businesses. Going forward also, on a macro basis, the opportunity seems to be very strong, be it for the banking sector or defence or railways. One should be looking to hold on to these stocks to get decent returns even next year.”

As of 30-Sep-2022, promoters held 51.14 per cent stake in the company, while FIIs held 17.72 per cent and domestic institutional investors had 20.94 per cent.

A total of 23,220 shares changed hands on the counter till 01:01PM (IST).

Muted demand and higher costs hit their profitability hard enough that the operating profit per tonne for the sector dropped to a decade-low in the September quarter. The rise in costs outpaced the growth in realisations for most of the companies in the previous quarter.

TII signed a share subscription agreement and a shareholder agreement with X2Fuels for the subscription of 10,753 shares, which is to be issued to TII for an aggregate consideration not exceeding Rs 6.15 crore, the company said in a BSE filing.