Maharashtra Seamless gained 1.61% to Rs 325.70 at 10:56 IST on BSE after Reserve Bank of India allowed foreign institutional investors to buy up to 40% in the company under portfolio investment scheme.
Meanwhile, BSE Sensex was up 53.90 points or 0.33% to 16,393.73 as expectations of a US interest rate cut strengthened.
On BSE 866 shares were traded in the counter. The stock had an average daily volume of 85249 shares in the past one quarter.
The stock hit a high of Rs 329 and a low Rs 322 so far during the day. The stock hit a 52-week high of Rs 675 on 16 July 2007 and a 52-week low of Rs 305 on 11 February 2008.
The mid-cap scrip had underperformed the market over the past one month till 4 March 2008, declining 21.79% compared to the Sensex’s fall of 12.44%. It had also underperformed the market in the past one quarter, declining 44.72% compared to Sensex’s decline of 17.22%.
The company’s current equity is Rs 35.27. Face value per share is Rs 5.
The current price of Rs 325.70 discounts its Q3 December 2007 annualized EPS of Rs 29.01 by a PE multiple of 11.22.
The total foreign holding in the company is currently 12.59% of which 11.24% is held by foreign institutional investors (as at end December 2007).
Maharashtra Seamless’ net profit declined 14.80% to Rs 51.16 crore on 10% rise in net sales to Rs 376.98 crore in Q3 December 2007 over Q3 December 2006.
Maharashtra Seamless manufactures carbon and alloy steel seamless pipes. Seamless pipes find application in oil exploration, boilers, ball bearings, roller bearings, automobiles, fertilizers and petrochemicals
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