Maharashtra Seamless surges 4% on winning Rs 262 Cr order

Maharashtra Seamless repays Rs 234 Cr loans, achieves debt-free status

Maharashtra Seamless Shares Surge on Winning New Order:

Maharashtra Seamless, the flagship company of D.P. Jindal Group, has secured a new order to supply seamless tubing pipes and accessories worth Rs 262 crore from Oil and Natural Gas Corporation (ONGC). As per the regulatory filing, the delivery locations for the order are Gujarat, Rajasthan, West Bengal, Assam, and Tripura.

Following this development, shares of Maharashtra Seamless climbed four percent on April 24. At 10:46 am, the company’s shares were trading at Rs 421.15 on the BSE.

Maharashtra Seamless has an annual capacity of 650,000 tonnes for seamless pipes, and its plants are located in Raigad, Maharashtra. The company caters to several industries such as oil & gas, power, automotive, and general engineering. It has also diversified into power generation, with a 7 MW wind power capacity and 53 MW of solar power.

In the latest investor presentation, Maharashtra Seamless reported that it commands a market share of 55 percent in the seamless pipes segment, with manufacturing facilities located at Nagothane & Mangaon in Maharashtra and Narketpally in Telangana. Additionally, the company enjoys a market share of 18 percent in the ERW pipes segment, with the manufacturing facility located at Nagothane in Maharashtra.

Over the past three years, Maharashtra Seamless has gained over 300 percent, while it has increased approximately 35 percent in the past three months. Interestingly, domestic institutional and retail investors have been trimming their stake in the company since June 2020, while promoters and foreign institutional investors have been increasing their shareholding.

With the recent order from ONGC, Maharashtra Seamless has demonstrated its ability to secure significant contracts, and investors remain optimistic about the company’s future prospects.

About Maharashtra Seamless:

Established on May 10, 1988, Maharashtra Seamless Limited (MSL) is the primary company of the DP Jindal Group, a diversified conglomerate. The company produces a broad range of seamless pipes and tubes using world-renowned CPE technology, ensuring the highest quality.

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