Maharashtra Seamless acquire offshore rig; stock plunges

India-based company engaged in the manufacturing of steel pipes & tubes, Maharashtra Seamless Limited, announced that it has acquired an offshore jack-up drilling rig. Despite this, the stock was listed as the biggest loser in BSE's 'A' group in today’s trading session.

In a BSE filing released on Thursday after market hours, the company informed that they have acquired an offshore jack-up drilling rig from Star Drilling Pte Ltd (Singapore), an associate of the company for US $ 100 million.

Meanwhile, the above-mentioned rig is currently being operated under a contract by Oil and Natural Gas Corporation Ltd (ONGC).

Incorporated in 1988, Maharashtra Seamless Ltd (MSL) is the flagship company of well-diversified DP Jindal Group and operates through two segments: steel pipes & tubes and power-electricity. The company has a technical collaboration with Mannesmann Demag (Germany).

On Friday at the time of market closing, the stock of Maharashtra Seamless Ltd was trading at Rs 208.25, down by 15.14 per cent against its previous close of Rs 245.40. Its 52-week high is Rs 512.50 while, its 52-week low is Rs 197.00 on BSE.