Shares of Maharashtra Seamless jumped on Friday morning going up over 6% to hit an intraday high of ₹964.45.
What Happened: Maharashtra Seamless announced on Thursday that it has secured a work order from ONGC for the supply of casing seamless pipes. The order amounts to approximately ₹674 crore.
In a regulatory filing, the company stated, “We are pleased to inform you that the company has received order with a basic value of ₹674 crore approx. from ONGC Ltd for supply of casing seamless pipes.”
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The company further disclosed that the order will be executed through gradual dispatches over a period of 44 weeks. The announcement helped the stock jump back into the green. Over the past year, the stock has gone up over 140%.
Earlier in the year, the company had secured two contracts from Indian Oil Corporation, totalling approximately ₹116 crore, for the supply of seamless pipes.
Price Action: Shares of Maharashtra Seamless simmered down after the initial surge to trade up 2.31% at ₹918.05 shortly after opened for the final time this week.
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