Rs 1,536 crore order book and promoters & FIIs increase stake: This steel manufacturing company bags new order worth Rs 674 crore from ONGC
The stock gave multibagger returns of 140 per cent in just 1 year and a whopping 540 per cent in 3 years.
Maharashtra Seamless Ltd has secured a significant order worth approximately Rs 674 crores from Oil & Natural Gas Corporation Ltd (ONGC Ltd)., a domestic Indian company. This contract entails the supply of casing seamless pipes, which are crucial components for oil and gas exploration projects. The order will be fulfilled through gradual deliveries scheduled over a period of 44 weeks.
Formed in 1988, Maharashtra Seamless Limited reigns supreme in the realm of steel pipes and tubes, commanding a staggering 55 per cent share in the seamless segment. But this industrial giant doesn't stop at shaping metal - it also harnesses its might to generate power, solidifying its position as a multifaceted force in India's infrastructure landscape.
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The company has a market cap of over Rs 12,000 crore and has delivered good profit growth of 32.1 per cent CAGR over the last 5 years. The company also reported amazing numbers in its Quarterly Results (Q3FY24) and annual results (FY23). As of March 2024, the promoters increased their stake to 68 per cent compared to 67.86 per cent in December 2023 while FIIs have increased their stake to 11.96 per cent in March 2024 compared to 10.50 per cent in December 2023.
Today, shares of Maharashtra Seamless Ltd plunged 2.40 per cent to Rs 916 per share with an intraday high of Rs 952.60 and an intraday low of Rs 912.30. The stock’s 52-week high is Rs 1,082.10 and its 52-week low is Rs 279. The company’s order book stands at Rs 1,536 crore as of January 26, 2024.
The stock gave multibagger returns of 140 per cent in just 1 year and a whopping 540 per cent in 3 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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