Maharashtra Seamless Shares Jump 5% After Loan Prepayment
The company says the prepayment was entirely from its internal accruals to become completely debt-free.
Shares of Maharashtra Seamless Ltd. on Monday rose the most in over a week after it made a voluntary prepayment of an outstanding long-term loan of Rs 234 crore on June 9.
The prepayment was entirely from its internal accruals to become completely debt-free, the company said in an exchange filing. This was the second such debt payment the eight months.
Shares of Maharashtra Seamless rose as much as 5.27% before paring most of the gains to trade 1.47% higher at 10.47 a.m., compared to a 0.19% advance in the NSE Nifty 50.
The average traded volume so far in the day stood at 3.4 times its monthly average. The relative strength index was at 66.9.
Two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 10.3%.