Maharashtra Seamless Ltd IPO up by 6.38 percent | Espresso


Espresso shot of the day – Maharashtra Seamless Ltd up by 6.38 percent

October 14, 2021
Espresso shot of the day – Maharashtra Seamless Ltd up by 6.38 percent

MAHARASHTRA SEAMLESS LTD. 485.10 (+6.38 %) BSE – INE271B01025 | 14TH OCTOBER 2021

Maharashtra Seamless Ltd. (MSL) was incorporated on May 10, 1988. The company was conceived after noticing huge demand and supply gap in the seamless pipe market, which was met mostly through imports. This import substitute project was set up in 1991 at Nagothane (near Mumbai), Distt. Raigad (Maharashtra), to manufacture seamless pipes & tubes with the finest quality and wide product range using the world renowned CPE technology acquired through technical collaboration with Mannesmann Demag Huttentechnik Gmbh (MDH), Germany at a capital cost of Rs. 69 crores. The project was appraised and financed by ICICI in participation with IDBI & IFCI and other banks. Mannesmann Demag is a world leader in steel and seamless pipe industry. Our state of the art plant is only the third of its kind in the world. The plant was commissioned in February 1992. The main plant and machinery was imported from USA based on MDH design. The plant has a present installed capacity to produce 1,50,000 TPA of Carbon & Alloy Steel Hot finished and cold finished Seamless Pipes and size range is from 10.3 mm to 177.8 mm O.D. (1mm to 22 MM W.T.) and the product and process quality have been recognized by Indian Boiler Regulation (IBR) and American Petroleum Institute (API). In addition, facilities are also available for heat treatment of sizes ranging from 2 3/8” to 13 3/8” O.D.

Recent Drivers

  • On October 8, 2021, Maharashtra Seamless had announced that the company has successfully bagged an order worth Rs 237 crore from ONGC for supply of seamless casings pipes
  • With the development of the renewable power portfolio across Maharashtra and Rajasthan, the company has been able to meet its green energy requirements. The company’s capacity share in the domestic seamless pipe market stands enhanced further with the acquisition of United Seamless Tubulaar Private Limited (USTPL). 
  • The Company’s Net profit rose 399.84% to Rs 95.82 crore in the quarter ended June 2021 as against Rs 19.17 crore during the previous quarter ended June 2020.
  • Maharashtra seamless sales rose 50.44% to Rs 690.48 crore in the quarter ended June 2021 as against Rs 458.98 crore during the previous quarter ended June 2020
  • On September 2, 2021, the company has fixed 15th September, 2021 as the 'Record Date’ for final dividend of Rs. 3.50
(Sources: BSE India, Business standard)

Technical Force*

  • S&P BSE 500 month till date gain up by 4.78%
  • Traded on new 52 week high value 494.70
  • 3 months avg. NSE volume: 3,39,430
  • Quantity traded: 66,874 | Deliverable quantity: 22,814 (34.11%)
  • Stock price has jumped more than 130% from one-year low level: 211.65 (Oct 16, 2020)
  • Daily RSI (14) is in Over brought territory today
  • 52-week-high: 494.70 | 52-week-low: 211.65

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Some Key Ratios (Source: BSE)

Market Cap: 3,250.15 crores

PE: 18.21

OPM%: 24.62

ROE%: 5.50

Promoters holding%: 63.82

Prev. Close: 456.00

*Chart And Technical Force data taken from the Binge desktop app.

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Chandresh Khona
by Chandresh Khona

Product Offerings Head

A teacher, writer, travel buff and now Espresso's Product Offerings Head. Ten years here has allowed me to lead the digital team at Sharekhan. My true passion lies in stock market charts.