Maharashtra Seamless rose 5% to hit a record high of 495.65 rupees in intraday trade on the BSE on Monday after the company informed the BSE that it has fully forgiven its debt on long-term loans worth Rs 234 crore in advance.

The stock pared some gains but was still up 2.5% at Rs 484 at 11:20 am. The counter traded about 35,000 shares, compared with the BSE’s two-week average of about 43,000 shares.

Maharashtra Seamless voluntarily pre-repaid its outstanding long-term loan of Rs 234 crore on June 9, 2023, according to a press release issued by the company to the BSE.

Given its high order intake and strong liquidity position, the company paid this upfront payment entirely from its internal accruals, leaving it completely debt free. The release added that this is the second case of voluntary prepayment of a long-term loan within the past eight months.

The stock has outperformed so far in 2023, surging 53%, while the benchmark index has gained just 3%.

The company’s consolidated net profit for the quarter ended March 2023 fell nearly 6% to Rs 372.69 crore compared to last year. However, total revenue rose 14.3% YoY to Rs 1,632.86 crore.

The company’s consolidated net profit rose 11% to Rs 767.62 crore in FY22-23 from Rs 691.64 crore in FY22. Total revenue rose 35.8% YoY to Rs 5,716.37 crore.

In November 2022, the company will give bonus shares at a ratio of 1:1; that is, according to the record date, one free share will be given for every share held.