Maha Seamless jumps up on oil sector demand

DALAL STREET SPIKES

Maharashtra Seamless, a Jindal group company, has flared up on the expected demand growth for its pipeline products in future on the back of rising activity in oil exploration and production. The stock rose 4.52 per cent or Rs 18.7 to touch Rs 432.75.

"The growth momentum in oil exploration and production activity in future holds a lot of prospect for the company in the next couple of years. The company's seamless pipes are used in oil sector," said an analyst.

The company has a long list of oil companies as its customer, including ONGC, Oil India Ltd, BPCL, HPCL and infrastructure major L&T.

The recent joint venture with Hydril of the US for making high-end pipes is likely to add demand for its products.