Shares of Maharashtra Seamless Ltd were trading 2% higher on 25 September after the company announced securing an order worth Rs 256 crore. 

In its regulatory filing, the company said that it has secured a Rs 256 crore order to supply seamless pipes for the oil and gas sector, prompting the counter-buying. The order will be gradually dispatched over the next two quarters based on the customer’s requirements. The customer’s details were not revealed in the exchange filing.

The filing added, “We are pleased to inform you that the company has received an order with a basic value of Rs. 256 crores approx. for the supply of seamless pipes.” 

Aside from that, India’s antitrust investigators recently conducted surprise raids on steel pipe manufacturers Jindal SAW and Maharashtra Seamless in an alleged bid-rigging case, two persons with firsthand knowledge of the situation said on Tuesday.

The raids were carried out on Monday at the offices of Jindal SAW and Maharashtra Seamless in and around New Delhi, and the search operation is now complete, according to the two individuals.

Maharashtra Seamless Limited (MSL), founded on 10 May 1988, is the flagship firm of the diverse DP Jindal Group.  MSL specialises in the manufacture of seamless pipes and tubes, and it offers a wide range of high-quality products made with sophisticated CPE technology.  In 2000, the company expanded its product line by entering the Electric Resistance Welded (ERW) pipe industry. 

Furthermore, MSL has expanded its operations into renewable energy generation and rig services. The company has a cutting-edge manufacturing facility in Raigad, Maharashtra, that is fully suited to support its production capacities.

At 11:50 am, the shares of Maharashtra Seamless were trading 1.23% higher at Rs 611.15 on NSE.

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