Monopoly stock, which is the only manufacturer of Mechanical seals in India, gained 2 percent in the day’s trade after it received a prestigious order to supply 38 Critical Mechanical Seals and Seal systems for the Romalia Project(Oil Marketing) in Iraq.
At 10:56 a.m the shares of Sealmatic India Limited were trading at Rs. 492.20 per share, up 0.45 percent from its previous day close price and its market capitalization is Rs. 445 Crores.
As per the company’s filing, Sealmatic India has bagged a very prestigious project for the supply of 38 Critical Mechanical Seals & Seal Supply Systems as Per API 682, for Refinery Hydrocarbon Application., for the Rumaila Project (Iraq) from flowserve India Controls Pvt Ltd and the time period by which the orders are to be executed is 24 weeks from the date of approval of drawings.
Rumaila is one of the world’s supergiant oil fields, that contain over a billion barrels of recoverable oil. It is estimated that some 17 billion barrels of recoverable oil are still contained within Rumaila’s reservoirs.
Rumaila is managed by the Rumaila Operating Organization (ROO), a Joint Venture between Basra Oil Corporation (BOC), Basra Energy Company Limited (BECL) and Oil Marketing Company (SOMO) which was established to transform the field into a world-class operation to serve Iraq and its people.
Its revenue from operations grew 38.09 percent from Rs. 42 Crores in FY22 to Rs. 58 Crores in FY23, accompanied by increasing profits of Rs. 8 Crore to Rs. 10 Crores.
It has reported a return on equity (ROE) of 13.91 percent and a return on capital employed (ROCE) of 18.26 percent, it is making good returns on its equity and capital employed.
According to the latest shareholding data available for the September 2023 quarter, the company’s Promoters hold 72.38 percent stake, the Domestic Institutional Investors hold 3.35 percent and the Foreign Institutional Investors (FII) hold 0.00 percent.
Sealmatic India Limited has a monopoly in the Indian market, as it is the only manufacturer of mechanical seals in India. It is engaged in the business of designing and manufacturing mechanical seals and associated products.
Sealmatic’s API-compliant mechanical seals offer technically competent, practical solutions that provide significantly greater safety and process reliability in refining technology, petrochemical, oil & gas and chemical industries.
Written by: Bharath K.S
