Share price of this monopoly stock and a leading manufacturer of heavy-duty mechanical moved up by 20% and hit a new 52-week high to Rs. 745.65 on February 7th, after the company secured approval from Abu Dhabi National Oil Company (ADNOC).
With a market cap of Rs. 674.8 crore, shares of Sealmatic India Ltd opened at Rs. 638.0 on Wednesday from its previous close of Rs. 621.40. The company has delivered a positive return of nearly 19.1 percent returns in the last six months and more than 215.6 percent in the last one year. So far, it has given positive returns of around 32.45 percent in 2024.
The rise in the share prices in the morning trading session was just after the company reported that it had achieved a significant milestone with the recent approval from the Abu Dhabi National Oil Company (ADNOC).
This certification validates Sealmatic’s commitment to quality and reliability while also providing new opportunities in the Gulf Cooperation Council (GCC) market.
ADNOC, headquartered in Abu Dhabi, stands as a cornerstone of the oil and gas sector of the United Arab Emirates (UAE) and is one of the world’s leading energy companies.
In terms of financials, the revenue from operations of Sealmatic India grew by 42.3 percent from Rs. 26 crore in Q2 FY22-23 to Rs. 37 crore in FY23-24, accompanied by a significant increase in net profit by 40% from Rs. 5 crore in Q2 FY22-23 to Rs. 7 crore in Q2 FY23-24.
As of September 2023, DIIs hold 3.35 percent of the shares in the company, and the Promoters’ holding remains unchanged at 72.38 percent.
Incorporated in 2009, Sealmatic India Ltd provides the widest portfolio of seals and seal supply systems. It is the only mechanical seal company in India that has received ISO 19443 accreditation for Nuclear Applications and is India’s only domestic manufacturer or monopoly company in mechanical seal production.
Written by Shivani Singh
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