Maharashtra Seamless surges 4% on Rs 262 crore-order win

Maharashtra Seamless bagged an order worth approximately Rs 262 crore from ONGC to supply seamless tubing pipes and accessories.

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Shares of Maharashtra Seamless surged four percent on April 24 after the company bagged an order to supply seamless tubing pipes and accessories. The order worth approximately Rs 262 crore is from ONGC, the company said in a regulatory filing.

Delivery locations are Gujarat, Rajasthan, West Bengal, Assam and Tripura as required by ONGC, the company added.

At 10:46 am, shares of the company were trading 4 percent higher at Rs 421.15 on the BSE.

Maharashtra Seamless is the flagship company of the D.P. Jindal Group. Its plants are located in Raigad, Maharashtra, with an annual capacity of 650,000 tonnes for seamless pipes. The company caters to the oil & gas sector, power, automotive and general engineering industries, and has also diversified into power generation with a 7 MW wind power capacity and 53 MW of solar power.

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According to its latest investor presentation, the company commands a market share of 55 percent in seamless pipes segment with manufacturing facilities at Nagothane & Mangaon in Maharashtra and Narketpally in Telangana, and enjoys a market share of 18 percent in ERW pipes segment with the manufacturing facility at Nagothane in Maharashtra.

In the past three years, the stock has gained more than 300 percent while it has run up around 35 percent in the past three months.

Interestingly, promoters and foreign institutional investors have been increasing their shareholding in the company while domestic institutional and retail investors have been trimming their stake since June 2020.