Maharashtra Seamless experiences a 4% up after securing an order worth Rs. 262 Crore
Maharashtra Seamless has secured an order from ONGC to supply seamless tubing pipes and accessories to delivery locations in Gujarat, Rajasthan, West Bengal, Assam, and Tripura. The order is worth around Rs 262 crore and has caused the company's shares to rise by 4% on April 24.
Maharashtra Seamless is a flagship company of the D.P. Jindal Group and is headquartered in Mumbai, Maharashtra, India. The company manufactures a wide range of seamless pipes, including carbon, alloy, and stainless steel pipes, used in various industries, such as oil and gas, power, automotive, and general engineering.
The company has manufacturing facilities in Nagothane, Mangaon in Maharashtra, and Narketpally in Telangana, with an annual production capacity of 650,000 tonnes for seamless pipes. Maharashtra Seamless has diversified into power generation with a 7 MW wind power capacity and 53 MW of solar power.
The company has a market share of 55% in the seamless pipes segment and 18% in the ERW pipes segment. Maharashtra Seamless' stock has gained over 300% in the last three years.