September 24, 2023

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This iron & steel products stock has zoomed 50% thus far in October

Shares Maharashtra Seamless rallied ten per cent to hit an over two-calendar year superior of Rs 47 in intra-day trade on Wednesday. With today’s get, the scrip has soared 50 per cent in the initially nine buying and selling times of Oct. The stock of the iron and steel goods company was quoting at its greatest degree because May perhaps 2019.

On Oct eight, 2021, Maharashtra Seamless announced that the company has effectively bagged an order truly worth Rs 237 crore from Oil and Natural Fuel Company Restricted (ONGC) for the provide of seamless casings pipes.

The company principally caters to firms in the Oil & Fuel sector, in which it is a registered seller for significant domestic oil producers and refiners. In addition, it also caters to other segments, together with electrical power crops, boilers, automobile engineering etc. For the upstream oil & fuel sector, included in exploration and output, the desire outlook appears to be stable.

The company has an upstream publicity of thirty per cent and mid and downstream publicity of 70 per cent. In addition, 50 per cent of the industry mix is coming from oil & fuel. The company’s concentration on newer goods should support it in retaining and enhancing the market share, Maharashtra Seamless reported in its FY21 annual report.

With the improvement of the renewable electrical power portfolio across Maharashtra and Rajasthan, the company has been ready to meet its inexperienced power needs. The company’s capacity share in the domestic seamless pipe market stands enhanced further more with the acquisition of United Seamless Tubulaar Private Restricted (USTPL). With the addition of USTPL, it has included to its earnings and profitability through the introduction of new goods like the oxygen cylinder pipes which should cater to the lack of provide for the superior desire goods, it included.

The desire for Seamless and ERW pipes which received impacted in 2020 due to pandemic is again on monitor in 2021 riding on good planned federal government expenditure, corporates currently being bullish on the financial restoration and with the opening of global borders for trade, exports are looking at an upside and growing development in the steel charges coming to support, the company reported.

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