Maharashtra Seamless surges 4% on bagging order from ONGC

Shares of Maharashtra Seamless rose 3.7 per cent to Rs 373 on the BSE on Monday on receipt of an order from Oil and Natural Gas Corporation (ONGC) worth Rs 500 crore.

In an exchange filing, the company said it has bagged order for supply of seamless castings to ONGC.

At 11:02 AM, the stock was trading 2.7 per cent higher at Rs 369.25 per share, as against a 0.18 per cent rise in the S&P BSE Sensex. So far in calendar year 2019, the counter has declined 26 per cent YTD. In comparison, the benchmark Sensex has gained 12 per cent.

For the quarter ended September 2019, the company posted a net profit of Rs 196.3 crore, while revenue came in at Rs 788.1 crore. The company’s Q2FY20 revenue mix stood at Steel Pipes & Tubes (95 per cent), Power- Electricity (2 per cent) and Others (3 per cent).