India's Seamec hits over 1-month high on subcontract for project

Seamec

10/03/2023 09:05

** Shares of Seamec Ltd  SEAM.NS  rise as much as 15% to 790 rupees
    ** Stock hits highest level since Feb. 1; on track for a fifth consecutive
session of gains
    ** Co says entered a subcontract with its consortium partner for pipeline
replacement project  urn:newsml:reuters.com:*:nFWN35H2OH
    ** Subcontract for taking up subsea installation works of ONGC; scope of
work approximately 807.8 mln rupees
    ** More than 220,000 shares change hands by 2:30 p.m. IST, highest since
Aug. 23, 2022; trade volumes above 100,000 for second consecutive session
    ** Stock trading above 50-day but below 100-day and 200-day simple moving
averages
    ** Stock down 22.6% this year as of last close, extending loss of ~21.4% in
2022

 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))