Maharashtra Seamless riding high
Jindal Group company Maharashtra Seamless has seen its share price rocket on the back of a swelling Oil India order that stands at Rs920cr ($138.28m) and anti-dumping duties against rival Chinese companies.
Haryana-based MSL's share price has shot up 97% from Rs212 ($3.3) on August 12, 2016 to Rs412 ($6.51) on August 7, 2017. "Yes we're performing well," gloats an excited MSL source.
"Our company has seen 32% incremental revenues this quarter; most of our earlier ONGC and Oil India pipe supply jobs are completed or in progress." This month (August 1) MSL received the latest of its LoAs from Oil India: a Rs10cr ($1.5m) contract for 4-inch diameter seamless line pipe. Before that on July 22 it received a LoA for a Rs12.88cr ($1.9m) Oil India contract to supply 13.375-inch P-110 casing within 24 weeks.
Around the same time on July 27 it received a LoA for a 9.625 inch P-110 casing supply contract and on July 28 won a 9.625 inch N-80 casing job. In December last year (2016) India imposed anti-dumping duties on steel pipes and tubes from China.