Maharashtra Seamless shares surged 2.6 per cent on BSE, reaching an intra-day high of INR 619.25 per share following the company's announcement of securing a significant order worth INR 256 crore for seamless pipes in the oil and gas sector. At 10:14 AM, the stock was trading 2.07 per cent higher at INR 615.75 per share on BSE, while the BSE Sensex was down 0.11 per cent at 81,622.72.

The company's market capitalization stood at INR 8,250.54 crore. The stock's 52-week high was INR 814 per share, while its 52-week low was INR 562.65.

Order Details and Delivery Timeline

Maharashtra Seamless received an order with a basic value of approximately INR 256 crores for the supply of seamless pipes, according to the company's exchange filing. The company will gradually dispatch the order over the next two quarters as per the customer's requirement. The details of the customer were not mentioned in the exchange filing. The buying on the counter came specifically after the company received this substantial order in the oil and gas sector, driving investor interest in the stock.

Recent Antitrust Investigation

India's antitrust inspectors recently conducted surprise raids at steel pipe makers Jindal SAW and Maharashtra Seamless in an alleged case of bid rigging, according to two people with direct knowledge of the matter. The raids were conducted at the offices of Jindal SAW and Maharashtra Seamless in and around New Delhi on Monday, and the search operation has now concluded.

The case was triggered by a complaint from the state-run Oil and Natural Gas Corporation in 2023, regarding the bidding process for specific tenders by steel pipe companies. The Competition Commission of India (CCI) and the two companies did not respond immediately to requests for comment, while ONGC did not respond to a request for comment. Details of the antitrust raids are kept confidential in line with Competition Commission of India (CCI) rules.

Company Background and Operations

Maharashtra Seamless Limited (MSL) was established on May 10, 1988, and serves as the flagship company of the diversified DP Jindal Group. The company specialises in the manufacturing of seamless pipes and tubes, offering a broad product range crafted with the highest quality, utilizing advanced CPE technology. In 2000, the company expanded its portfolio by entering the Electric Resistance Welded (ERW) pipe segment.

Additionally, MSL has diversified its operations into renewable energy generation and rig services. The company operates a state-of-the-art manufacturing facility in Raigad, Maharashtra, equipped with cutting-edge machinery to support its production capabilities.

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