Maharashtra Seamless shines after resolution plan for acquisition

Maharashtra Seamless rose 2.1% to Rs 442 at 11:45 IST on BSE after the company made payment of Rs 477 crore for acquisition of United Seamless Tubulaar.

The announcement was made after market hours yesterday, 19 February 2019.

Meanwhile, the S&P BSE Sensex was up 202.36 points or 0.57% at 35,554.97

On BSE, so far 6,310 shares were traded in the counter as against average daily volume of 5,628 shares in the past one quarter. The stock hit a high of Rs 449 and a low of Rs 440.95 so far during the day.

Maharashtra Seamless made payment of Rs 477 crore for acquisition of United Seamless Tubulaar (USTPL) under the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code 2016 as approved by Hyderabad Bench of National Company Law Tribunal (NCLT).

Maharashtra Seamless' net profit surged 139.28% to Rs 92.77 crore on 39.79% rise in net sales to Rs 785.88 crore in Q3 December 2018 over Q3 December 2017.

Maharashtra Seamless manufactures seamless pipes & tubes.

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