Seamec share price hits over 1-year high on order win; trims gains later

Seamec share price rose as much as 4.4 per cent to ₹1,446.70 per share, the highest level since September 13, 2024, on the National Stock Exchange (NSE)

Seamec share price today

Seamec share price rose to the highest level in over a year in Tuesday's session following a major order win for its vessel Seamec Princess. The stock rose as much as 4.4 per cent to ₹1,446.70 per share, the highest level since September 13, 2024, on the National Stock Exchange (NSE). 

 

Seamec share price, however, erased gains to trade 0.8 per cent down at ₹1,372.90 per share, as compared to a 0.2 per cent advance in the Nifty 50 index. Around 0.15 million shares of the company have changed hands so far on NSE. 

 

In the last 12 months, Seamec share price increased 60 per cent, as against an 11.8 per cent advance in the Nifty 50 index.

Why did Seamec share price rise today? 

Seamec share price jumped to an over one-year high as the company won an order worth $460,000 from Supreme Offshore Construction & Technical Services Limited. Under the order, its vessel, Semec Princess, is chartered to work in Oil and Natural Gas Corporation's (ONGC's) oil fields on the west coast. 

 

The firm period or the non-cancellable period of the contract is four days with options for extension on mutually agreed terms, Seamec said in an exchange filing. The charter started on Saturday, February 14. 

 

Supreme Offshore Construction & Technical Services will utilise the Semec Princess vessel to carry out jobs related to saturation diving (SAT) driving, and Air driving in the ONGC oil fields located in the west coast of India. 

 

Air diving is used for a depth of 50 metres, while SAT is used for deep water exploration jobs beyond 50 metres. 

Analyst view

Over the past few years, Seamec has focused on strengthening its order book visibility amid a gradual recovery in offshore energy activity and marine services demand. Even smaller contracts help bridge idle periods and improve earnings predictability, said Harshal Dasani, business head, INVAsset PMS.

 

Technically, the stock has broken out of a near-term consolidation on the daily chart with a sharp rise in volumes, confirming participation. It is trading well above its 50-day and 200-day moving averages, indicating a strong short-to-medium term trend structure. The daily relative strength index (RSI) is in the 70–80 zone, reflecting overbought conditions but also strong momentum, Dasani added.     

 

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