Maharashtra Seamless witnessed a 2.5% rise in share price during the opening trade on January 29 following the company’s successful procurement of two contracts from Indian Oil Corporation, with a combined basic value of approximately Rs 116 crore.
Under the agreements, Maharashtra Seamless is committed to supplying seamless pipes to Indian Oil Corporation as and when required.
This development comes on the heels of the company securing an order in December 2023, valued at around Rs 187 crore, from ONGC for the supply of premium casing seamless pipes.
Scheduled for January 29, the board of directors’ meeting aims to review and approve the un-audited financial results for the quarter and nine months ending on December 31, 2023.
As of 12:31 pm, Maharashtra Seamless shares continued to trade 5.85% higher at ₹1,052.25, indicating positive investor sentiment in response to the recent contract wins.
