FIIs increase their ownership in the metal stock in Q2 and announce a record date for 1:1 bonus shares
- ByStartupStory | November 12, 2022
Maharashtra Seamless Ltd. (MSL) is a medium-sized corporation that works in the metal sector with a market worth of $5,339.87 Cr. In terms of coated pipes, ERW pipes, and seamless pipes, the company is the market leader. Executive Chairman D.P. Jindal and Managing Director Saket Jindal oversee MSL, the principal business of the D.P. Jindal Group. Potential purchasers should be advised that the record date for the 1:1 bonus share was established by the Board of Directors during today’s meeting, which is November 11, 2022.
“Pursuant to Regulation 42 and other applicable provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, this is to inform you that the Board of Directors has fixed Thursday, November 24, 2022, as the “Record Date” to ascertain the shareholders entitled to receive bonus equity shares in the proportion of 1 equity share for every 1 existing equity share, subject to the approval of shareholders, which is being obtained through a postal ballot,” the company mentioned in a stock exchange filing.
From 91 crore in Q2 FY22 to 176.5 crore in Q2 FY23, the company’s net profit increased 94% year over year. From the same quarter a year prior, the company’s revenues increased by 48% to $1,414 crore in Q2 FY23.
The closing price of Maharashtra Seamless Ltd.’s shares was $798 per share today, down 1.53% from the previous close of $810.40. A total of 142,619 shares were exchanged for the stock today. The stock has increased 69.44% during the past five years, and over the past three years, it has produced a multi-bagger return of 115%. The stock has increased by 49.86% over the past 12 months, and it has increased by 53.29% YTD in 2022. The stock reached a 52-week high of 910.00 on the NSE on October 13, 2022, and a 52-week low of 450.00 on that same day (December 7, 2021).
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