Maharashtra Seamless Ltd. shares gained over 4 percent in intraday trade on Monday after the company announced winning an order worth nearly Rs 262 crore from ONGC Ltd.

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Maharashtra Seamless received an order from the state-owned company Oil and Natural Gas Corporation (ONGC) Ltd. on Saturday for the supply of seamless tubing pipes as well as accessories.

The order will be delivered in different locations across five states of Gujarat, West Bengal, Rajasthan, Tripura and Assam.

According to the company, the order will be executed through gradual dispatches over a period of 42 weeks (almost 10 months).

Maharashtra Seamless is the flagship company of the DP Jindal Group. The company’s plants are located in Raigad, Maharashtra, boasting an annual capacity of 6,50,000 tonnes for seamless pipes.

It also caters to the oil and gas sector, power, automotive and general engineering industries. The company has diversified into the power generation sector, having a wind power capacity of 7 MW and a solar power capacity of 53 MW.

In the December quarter, Maharashtra Seamless reported a consolidated net profit of Rs 171.76 crore, up 81.41 percent from Rs 94.68 crore in the same period last year.

Its net sales rose by 17.48 percent to Rs 1,338.55 crore in the December 2022 quarter from Rs 1,139.40 crore in the year-ago period.

At the same time, Maharashtra Seamless’ earnings before interest, taxes, depreciation, and amortisation (EBITDA) jumped 37.86 percent to Rs 264.28 crore on-year.

Shares of Maharashtra Seamless are trading 5 percent higher at Rs 425.10. The stock is up 33 percent so far this year.

First Published:Apr 24, 2023 2:54 PM IST