Hariom Pipe Industries rose 1.19% to Rs 343.30 after the company announced that HDFC Bank sanctioned credit facilities worth Rs 197.43 crore.
The banking committee of the company's board at its meeting held on 15 December 2022 accepted the credit facility sanctioned by HDFC Bank vide its offer letter dated 15 December 2022.The credit facilities of Rs 197.43 crore includes cash credit (limit) of Rs 140 crore and term loan (limit) of Rs 57.43 crore.
The company said it will utilise the credit facilities for growth and expansion plans.
Hyderabad-based Hariom Pipe is a premium manufacturer of iron and steel products. Its diverse product portfolio consists of Mild Steel (MS) Billets, Pipes and Tubes, Hot Rolled (HR) Coils and Scaffolding Systems.
The company reported 28.9% rise in net profit to Rs 9.27 crore on 11.4% increase in net sales to Rs 127.06 crore in Q2 FY23 over Q2 FY22.
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