Maharashtra Seamless Ltd
MAHS

Maharashtra Seamless Ltd (MAHSEAMLES)

₹5571.68%

Key Stats

₹542.8
Day's Price Range
₹561
₹285.1
52-Week Price Range
₹629.9
1 Month Return-9.56 %
3 Month Return10.22 %
1 Year Return85.33 %

Company Financials

  • Quarterly
  • Annual
Value in ₹ crore

Peer Comparsion

PE
Rank 35
16.39
EPS
Rank 21
₹33.4
BVPS
Rank 3
₹492.36
Dividend Yield
Rank 9
1.27%
ROE
Rank 46
8.91%
Price To Book Ratio
Rank 15
1.11
Debt To Asset
Rank 57
0.38

Company Information

Maharashtra Seamless Limited MSL incorporated on 10th May 1988 is the flagship company of the welldiversified DP Jindal Group. The Company is engaged in the manufacture of seamless pipes various capacities which find application in oil exploration boilers pipelines petrochemicals etc. The plant is located at Raigad Maharashtra and is equipped with stateoftheart machinery. The company has a technical collaboration with Mannesmann Demag Huttentechnik Germany. MSL uses the worldrenowned CPE technology and is capable of producing size range from 3/4 OD to 7 OD in hot finished and from 10 mm OD to 108 mm OD in cold drawn and cold pilgered condition. Besides seamless pipes and tubes the company also makes large diameter Electric Resistance Welded ERW pipes from size 8 to 20 and wall thickness from 3.2 mm to 12.70 mm. As on 31st March 2019 the Company had six subsidiaries two are wholly owned subsidiary companies registered in India and remaining four are registered outside India.The Company had signed a Memorandum of Understanding MoU for continuous supply of Steel Billets in the year 199495. MSL agreed with Salosha Investments and Financial Services Ltd and Shree Ambaji Properties Ltd during the year 199596 for manufacturing activities. In September of the year 2000 the companys new project of Electric Resistance Welded ERW Pipes for producing 4 OD to 21 OD ERW Pipes with an installed capacity of 50000 M.T. per annum at Pipe Nagar Maharashtra was commissioned. In the year 200102 the company production capacity was doubled from 50000 MT to 1 00000 MT. During the year 20042005 the company entered into joint venture with Hydril LP to manufacture premium joint connections to facilitate company consolidation in both domestic and international markets of seamless pipes by going to new export avenues. In same year of 20042005 the company expanded its production facilities using plug mill technology supported by world class revelers to manufacture for the first time in India large size seamless pipes of diameter up to 14 inches and wall thickness up to 40 mm. As on 4th January 2008 the company acquired seamless plant in Romania with an installed capacity of 200000 TPA. In the same year the company opened its export branch in USA to facilitate better services and customer support to its large base of Oil Country Tubular Goods OCTG and Line pipe customers in USA Canada and Latin America. In June of the same year 2008 MSL had bagged export orders worth USD 45 million from USA. The company has also received domestic order worth Rs 860 million from Indian Oil Corporation IOC.MSL plans to set up a 1 million ton per year billet plant in Maharashtra to feed its planned seamless pipe expansion. The backward integration project at Dubri in Orissa is part of MSLs aim to increase pipe capacity to 500000 tons per year from the current 350000 tons. The proposed steel plant will manufacture billets for captive consumption. Estimated to cost USD 44.8 million about Rs 1800 million the project involves relocation of the firms newly acquired pipe plant in Romania to India.The Board of Directors of the Company at its meeting held on 8th April 2013 had approved the buyback of its equity shares of the face value of Rs. 5/ each from the open market through stock exchanges for an amount upto Rs. 100 crore and at a price not exceeding Rs. 300/ per share payable in cash. The Company commenced its scheme of buyback of shares from 14th May 2013 and closed on 7th April 2014. The Company has bought back total of 3533796 shares for Rs. 69.21 Crore at an average price of Rs. 195.85. All shares bought back have been extinguished. The paid up capital of the Company after buyback is Rs. 334998130/The Company had three wholly owned subsidiaries as on 31st March 2014 namely Maharashtra Seamless Singapore Pte. Ltd. Singapore Maharashtra Seamless Finance Ltd. and Discovery Oil Mines Pte. Ltd. Singapore.During the year 2014 a subsidiary of the Company has acquired 20 percent stake in an Iron ore mine in Amapa Brazil with estimated reserves of more than 250 million tons.During the year 2015 Dev Drilling Pvt. Ltd. ceased to be an associate company and became Joint Venture Company.During the year 201617 Zircon Drilling Supplies and Trading FZE was set up as a wholly owned subsidiary of Internovia Natural Resources FZ LLC UAE a subsidiary of the company.As on 31 March 2017 the company had 5 subsidiaries one is wholly owned subsidiary company registered in India and remaining 4 is registered outside India.During the year 2018 Jindal Premium Connections Pvt. Ltd. became a wholly owned subsidiary of the Company.As on 31 March 2018 the company had 6 subsidiaries two are wholly owned subsidiary companies registered in India and remaining 4 is registered outside India.The Company successfully commissioned and started generation from 20 MW Solar Power Plant at Khetusar District Jodhpur Rajasthan. It also commissioned 1 MW rooftop solar power plant at Nagothane and 10 MW captive power plants at Beed Maharashtra. With this Company has achieved a total capacity of 43 MW of Renewable Energy in FY 2018.In FY 2018 the Company successfully defended antidumping case and Department of Commerce of United States of America has removed the antidumping duty order on company which means there is no antidumping duty on OCTG exported to USA.The Company had made investments in a mining asset through its foreign subsidiaries. The subsidiary holding the mining investments partially impaired the said investments. Accordingly the Company impaired its exposures partially for Rs. 145.98 Crore during the year 2019.National Company Law Tribunal Hyderabad vide order dated 21st January 2019 had approved the Resolution Plan submitted by the Company for acquisition of United Seamless Tubular Pvt. Ltd. USTPL under the Insolvency and Bankruptcy Code 2016. In accordance with the Order the Company acquired all shares of USTPL and deposited Rs. 477 crores in an escrow account as upfront payment for the financial creditors and others through Resolution Professional as per the Plan approved by NCLT. However NCLAT vide its judgement dated 8th April 2019 required the Company to deposit additional amount of Rs. 120.54 Crore. The Company filed the appeal before the Honble Supreme Court and matter is subjudice. Accordingly United Seamless Tubulaar Pvt. Ltd. USTPL is not being considered as subsidiary.
OrganisationMaharashtra Seamless Ltd
HeadquartersRaigad
IndustrySteel