52-week high alert: Multibagger Steel Pipes manufacturer bags new order worth Rs 157 crore from Oil India and OICL Limited!

Shares of the company have jumped more than 70 per cent in the last 6 months.

Maharashtra Seamless Limited informed in the exchange filing that it has received new orders with a cumulative value of Rs 157 crores from Oil India Limited and IOCL Limited for the supply of seamless pipes.

Maharashtra Seamless Limited has reported results for the first quarter ended June 30, 2023 (Q1FY24). The revenue of the company for Q1FY24 stood at Rs 1222.94 crore which decreased by 8.35 per cent YoY. The company's operating profit stood at Rs 277.34 crore, while the PAT of the company stood at Rs 215.34 crore, which grew by 47.23 per cent on a YoY basis.

Shares of Maharashtra Seamless Limited have given multibagger returns during the last three years. The shares of the company jumped from Rs 115.98 on September 04, 2020, to Rs 559.10 on September 01, 2023, an increase of about 380 per cent in three years holding period.

Maharashtra Seamless Limited is a part of the DP Jindal Group, which also includes Jindal Pipes Limited and Jindal Drilling Industries Limited. The company primarily manufactures seamless pipes with an estimated production capacity of 4,50,000 TPA2 and ERW pipes with an estimated capacity of 1,25,000 TPA1 across its manufacturing facilities at Raigad in Maharashtra.

On Friday, the stock opened at Rs 540.05, with a high and low of Rs 565.00 and Rs 531.00. The stock closed trading at Rs 558.40, up by 3.75 per cent. The stock also made a fresh 52-week high on Friday.

Disclaimer: The article is for informational purposes only and not investment advice.