Maharashtra Seamless got mega project status for order at Vile Bhagad
Maharashtra Seamless stock touched 1-month high. The company got mega project status for order at Vile Bhagad. The company will get incentives from state government. It has order book of Rs 401 crore as of July. Of which, Rs 103 crore of order book is for ERW and Rs 298 crore of order book is for seamless.
Of Rs 298 crore, the company has order of Rs 200 crore from ONGC. The company may see order shift to boiler segment Vs oil & gas. It targets 2.10 lk mt in seamless pipes and 1.20 lk mt for ERW in FY10. Company has Rs 600 crore of cash and has zero debt.
Maharashtra Seamless touched an intra day high of Rs 298 and an intra day low of Rs 275 and at 15:18 PM, the share was quoting at Rs 288, up Rs 6.20, or 2.20%, trading with volumes of 31,514 shares, compared to its 5-day average of 38,897 shares, an decrease of -18.98%.