Maha Seamless deep in red
By
Research Desk
about 9 years ago
Things have not been going good for Maharashtra Seamless. The Chinese effect has impacted the company pretty badly – it has been laying off people – it shut down its plant in Maharashtra, rendering 500 people unemployed due to dumping by China into the domestic market, at less than the raw material prices. This company is the largest producer of seamless pipes in India, catering to 85% of needs in the country.
This effect is seen on the Q3Fy16 performance where the company posted a net profit of Rs.5 crore, down 86% (YoY) and this was on a 45% fall in total income at Rs.191 crore.
The stock is down today, going down to an intra day low of Rs.140, which is inches away from its 52-week low of Rs.138.50.