Maharashtra Seamless rises 3% on bagging order worth ₹256-crore

Maharashtra Seamless shares rose 2.6 per cent on BSE, logging an intra-day high at ₹619.25 per share. At 10:14 AM, Maharashtra Seamless’ share price was trading 2.07  per cent higher at ₹615.75 per share on BSE. In comparison, the BSE Sensex was down 0.11 per cent at 81,622.72.

 

The company’s market capitalisation stood at ₹8,250.54 crore. The stock’s 52-week high was ₹814 per share, while its 52-week low was ₹562.65.  FOLLOW LATEST SHARE MARKET UPDATES LIVE

Why were Maharashtra Seamless shares surging?

The buying on the counter came after the company received an order worth ₹256 crore for the supply of seamless pipes in the oil and gas sector. The company will gradually dispatch the order over the next two quarters as per the customer’s requirement. The details of the customer were not mentioned in the exchange filing. 

 

“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,” the filing read. 

 

That apart, recently, India's antitrust inspectors conducted surprise raids at steel pipe makers Jindal SAW and Maharashtra Seamless in an alleged case of bid rigging, two people with direct knowledge of the matter said on Tuesday.

 

The raids were conducted at the offices of Jindal SAW and Maharashtra Seamless in and around New Delhi on Monday, and the search operation has now concluded, the two sources said.

 

Reuters is first to report the antitrust raids, details of which are kept confidential in line with Competition Commission of India (CCI) rules.  ALSO READ | Jaykay Enterprises shares zoom 11%, hit all time high; here's why 

CCI and the two companies did not respond immediately to requests for comment. The case was triggered by a complaint from state-run Oil and Natural Gas Corporation in 2023, related to bidding of certain tenders by the steel pipe companies, the two sources said. ONGC did not respond to a request for comment.

 

Maharashtra Seamless Limited (MSL), established on May 10, 1988, is the flagship company of the diversified DP Jindal Group. Specialising in the manufacturing of seamless pipes and tubes, MSL offers a broad product range crafted with the highest quality, utilizing advanced CPE technology. In 2000, the company expanded its portfolio by entering the Electric Resistance Welded (ERW) pipe segment. 

 

Additionally, MSL has diversified its operations into renewable energy generation and rig services. The company operates a state-of-the-art manufacturing facility in Raigad, Maharashtra, equipped with cutting-edge machinery to support its production capabilities.