Maharashtra Seamless rushes northward

DALAL STREET SPIKES

Shares of pipes maker Maharashtra Seamless was in limelight on renewed buying interest. The stock appreciated nearly 16 per cent in a market where profit booking was evident across the board.

The stock close at Rs 308.90 after hitting an all-time high of Rs 318.20 in intra-day trades on Friday. More than 3.2 lakh shares changed hands at the counter on BSE on Friday. In the past few months, the stock has risen from a low of Rs 183.85 on June 14, 2004, to Friday's close of Rs 308.90.

MSL makes seamless steel pipes primarily for the oil & gas and agricultural sectors.

However, for the quarter ended September 2004, the company reported a marginal 2 per cent jump in net profit to Rs 20.10 crore even as sales jumped 74 per cent to Rs 195.30 crore.