Maharashtra Seamless climbs over 9%, hits 52-week high on bonus issue plan

Shares of steel pipes and tubes manufacturer Maharashtra Seamless rallied 9.6% to hit a 52-week high of Rs 910 in Thursday’s trade as the company proposed a stock split and bonus issue plan.

“The board of directors, at its meeting scheduled to be held on Monday, October 17, 2022, will also discuss and consider inter-alia, issue of bonus shares and sub-division/split of the company’s existing equity shares of Rs 5 each,” Maharashtra Seamless said in BSE filing.

At 12.54 pm, the scrip was trading 5.41 higher at Rs 875.10 over its last day’s closing price of Rs 830.15 apiece. The stock has surged nearly 45% in the last 6 months while it has risen about 90% in the last one year.

For the quarter ended June 30, the company reported consolidated net sales of Rs 1,334 crore, up 93.33% from the year-ago quarter's Rs 690 crore. It reported a net profit of Rs 159.9 crore for the latest quarter.