MAN Industries shares surged over 7 per cent in the morning trade on Thursday after the company informed BSE on Wednesday post market hours that it has received orders worth approximately Rs 700 crore from international and domestic customers for supply of pipes for Oil, Gas and Water sector projects. (Photo: PTI)
MAN Industries shares surged over 7 per cent in the morning trade on Thursday after the company informed BSE on Wednesday post market hours that it has received orders worth approximately Rs 700 crore from international and domestic customers for supply of pipes for Oil, Gas and Water sector projects.
At 9.35 am, MAN Industries shares were trading 7 per cent up at Rs 111.80 apiece. It opened at Rs 110.60 and had touched a high and low of Rs 113.90 and Rs 110.60, in trade, so far. Sensex was down 0.30 per cent at 26,954.56.
In a BSE filing, the company said, “With these new orders the outstanding order book as on date stands at approximately Rs 1,300 crore to be executed over a period of 6 to 8 months, this will result in significant improvement in the coming quarters.”
The company has upgraded its Pithampur plant with the enhanced capabilities to become pioneer to produce Pipes up to 3600 mm dia metere with coating facilities. The company has outstanding bids around $ 1.5 billion at various stages of evaluation for several Oil, Gas and Water projects in India and abroad. The company therefore expects good order inflow in near future from the outstanding bids which are at various levels of evaluation by the clients.
Man Industries (India) is engaged in manufacturing of LSAW Line Pipes, Hsaw Line Pipes and Aluminium Extruded Products. The company has received various certifications such as API, ISO-9001, ISO-9002, ISO-14001, and ISO-18001 for its quality management.
The BSE group ‘B’ stock of face value Rs 5 has touched a 52 week high of Rs 128.40 on 20 August 2015 and a 52 week low of Rs 44.40 on 31 March 2015.
Last one week high and low of the scrip stood at Rs 113.90 and Rs 103, respectively. The current market cap of the company is Rs 637 crore.
The promoters holding in the company stood at 54.47 per cent while institutions and non-institutions held 7.77 per cent and 37.76 per cent, respectively.
For the quarter ended June 2015, the company posted net profit of Rs 17.71 crore, up 460.44 per cent, against Rs 3.16 crore in the corresponding quarter a year ago.
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