Shares of Maharashtra Seamless surged 4% on April 24 after the company secured an order to supply seamless tubing and accessories. The order, worth Rs 262 crore, came from ONGC, the company said in a regulatory filing.
The company added that the delivery locations are Gujarat, Rajasthan, West Bengal, Assam and Tripura, as per ONGC’s request.
Shares of the company were up 4% at Rs 421.15 on the BSE at 10:46 am.
Maharashtra Seamless is the flagship company of D.P. Jinda Group. Its factory is located in Raigad, Maharashtra, and has a capacity of 6.5 lakh tons of seamless pipes per annum. The company targets the oil and gas industry, power, automotive and general engineering industries. It is also involved in power generation, with 7 MW of wind capacity and 53 MW of solar capacity.
According to its latest investor presentation, the company, which has manufacturing plants in Nagothane & Mangaon, Maharashtra and Narketpally, Telangana, has a 55% market share in seamless pipes and 18% in ERW pipes segment with the manufacturing plant at Nagothane, Maharashtra.
The stock is up more than 300% over the past three years and about 35% over the past three months.
Interestingly, promoters and foreign institutional investors have increased their company stakes since June 2020, while domestic institutional and retail investors have reduced their stakes.