India's Hariom Pipe hits record high on govt incentives worth 1.21 bln rupees

Hariom Pipe Industries

03/05/2023 08:36

** Shares of Hariom Pipe Industries Ltd  HARO.NS  rise as
much as 6.54% to 549.95 rupees, a record high
    ** Rise after the steel pipes and tubes maker was granted
customised incentives of 1.21 bln rupees ($14.79 mln) by
industries and commerce departments of the union government
    ** Incentives include cap on state GST for seven years,
power cost reimbursement for five years, interest subsidy for
five years
    ** Incentives granted to establish galvanised steel pipes,
cold rolled steel pipes and mild steel pipes in Telangana
    ** Trading volume is 90,758 shares as of 1 p.m. IST, 0.4x
the 30-day avg - Refinitiv data


($1 = 81.8300 Indian rupees)
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))