This smallcap stock engaged in the business of diving support vessels (DSV) and oilfield services skyrocketed 13 percent on Tuesday after bagging an order from Larsen & Toubro.
Stock Performance
With a market capitalization of Rs 2,557.12 crore, Seamec Ltd soared over 13 percent to an intraday high of Rs 1,069.40 per share compared to its previous closing price of Rs 943.95 per share. The shares reiterated from the day’s high and were trading at Rs 1,001 which is 6 percent higher than the previous close.
What Happened
Larsen and Toubro has awarded a Letter of Award to the consortium of SEAMEC and Posh India Offshore for subsea installation works for the DUDP & PRPVIII (including MUT scope) projects of ONGC. The work will be completed by May 2026.
The company has also signed a Subcontract Agreement with Posh India Offshore Private Limited for carrying out Riser Clamps, Bow String and other installation works in Pipeline Replacement Project VIII (PRP-VIII Gr. B) and Daman Upside Development Project (DUDP) – of ONGC for a consideration of USD 5.61 million.
Company Overview
Seamec Limited operates diving support vessels (DSVs) and offers oilfield services both in India and internationally. The company manages multi-support vessels that provide marine, construction, and diving services for offshore oilfields, as well as bulk carrier vessels for bulk transportation. It has also expanded into tunnel construction projects.
Financial Performance
Looking at the latest financial performance, the company reported a 30 percent decline in revenue from Rs 213.31 crore to Rs 149.34 crore. The company announced a net loss of Rs 3 crore in Q3 FY25 as compared to profits of Rs 56.42 crore in the same quarter last year.
Written by Shwetha Sairam
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