Maharashtra Seamless drops to 52-week low

Maharashtra Seamless lost 3.56% to Rs 181.45 at 9:55 IST on BSE as the stock turned ex-dividend today, 4 September 2013, for a dividend of Rs 6 per share for the year ended 31 March 2013.

Meanwhile, the S&P BSE Sensex was up 169.42 points or 0.93% at 18,404.08.

On BSE, 391 shares were traded in the counter as against average daily volume of 2,384 shares over the past one quarter.

The stock hit a low of Rs 177.95 so far during the day, which is also its 52-week low for the counter. The stock hit a high of Rs 185 so far during the day. The stock had hit a 52-week high of Rs 351.95 on 25 September 2012.

The stock had outperformed the market over the past one month till 3 September 2013, sliding 2.87% compared with the Sensex's 4.85% fall. The scrip had, however, underperformed the market in past one quarter, declining 17.68% as against Sensex's 7.02% fall.

The small-cap company has equity capital of Rs 35.27 crore. Face value per share is Rs 5.

Before turning ex-dividend, the stock offered a dividend yield of 3.18% based on the closing price of Rs 188.15 on Tuesday, 3 September 2013.

Maharashtra Seamless' net profit fell 57.8% to Rs 27.58 crore on 37.2% decline in net sales to Rs 327.35 crore in Q1 June 2013 over Q1 June 2012.

Maharashtra Seamless is one of the flagship company of Jindal Group. It is into pipes manufacturing business. The company manufactures a whole range of high-class, customizable and innovative seamless pipes and tubes using state-of-art technology. The company also manufactures ERW pipes along with the seamless pipes.

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