Sealmatic India hits record high on ADNOC approval for seals

Sealmatic India

07/02/2024 05:56

** Shares of Sealmatic India  SEAL.BO  jump 14% to record
high of 722 rupees
    ** Stock on track for best day since mid-July 2023
    ** Mechanical seals maker says it received approval from 
Abu Dhabi National Oil Company (ADNOC) to deliver seals
    ** Co is set to secure a slice of ADNOC's forthcoming
projects worth $150 bln, over next five years - exchange filing
    ** Co also expects ADNOC approval to open new opportunities
in Gulf Cooperation Council (GCC) market
    ** The relative strength index (RSI) of the stock rises to
72 - LSEG data
    ** Since listing on March 1, 2023, stock has tripled in
value - LSEG

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))