Metal stock declares record date for 1:1 bonus shares, FIIs stake up in Q2


With a market valuation of 5,339.87 Cr, Maharashtra Seamless Ltd (MSL) is a mid-size business that operates in the metal industry. The company is the largest manufacturer of coated pipes, ERW pipes, and seamless pipes. The D P Jindal Group’s flagship firm, MSL, is managed by Executive Chairman D.P. Jindal and Managing Director Saket Jindal. The Board of Directors set the record date for the 1:1 bonus share during their meeting today, November 11, 2022, which potential buyers should be aware of.

The company said in a stock exchange filing that “Pursuant to Regulation 42 and other applicable provisions of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as amended from time to time, this is to inform you that the Board of Directors has fixed Thursday, 24th November, 2022 as “Record Date” to ascertain the shareholders entitled to receive bonus equity share in the proportion of 1 (One) Equity Share for every 1 (One) existing Equity Share, subject to the approval of shareholders which is being obtained through Postal Ballot.”

The company’s net profit grew 94% YoY to 176.5 crore during Q2FY23, from 91 crore posted in Q2FY22. The company’s revenues rose by 48% to 1,414 crore in Q2 FY23 from 951 crore posted in the year-ago quarter.

The shares of Maharashtra Seamless Ltd closed today at 798 apiece level, down by 1.53% from the previous close of 810.40. In trade today the stock recorded a total volume of 142,619 shares. In the last 5 years, the stock has gained 69.44% and in the last 3 years, the stock has generated a multibagger return of 115%. In the last 1 year, the stock has gained 49.86% and on a YTD basis, the stock has gained 53.29% so far in 2022. On the NSE, the stock had touched a 52-week-high of 910.00 on (13-October-2022) and a 52-week-low of 450.00 on (07-December-2021).

For the quarter ended September or Q2FY23 the company reported a promoter shareholding of 67.26% compared to 67.08% in Q1FY23, FIIs stake stood at 2.67% compared to 1.28% in Q1, DIIs stake climbed to 4.00% compared to 3.69% in Q1 and public shareholding stood at 26.08% compared to 27.95% in Q1.

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