MAN Industries' shares surge on bagging orders worth INR 700 crore

MAN Industries shares surged over 7 per cent in the morning trade on September 8, Thursday, after the company informed Bombay Stock exchange (BSE) on Wednesday post market hours that it has received orders worth approximately INR 700 crore from international and domestic customers for supply of pipes for Oil, Gas and Water sector projects.

In a BSE filing, the company said, “With these new orders the outstanding order book as on date stands at approximately INR1,300 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.

For the quarter ended June 2015, the company posted net profit of INR 17.71 crore, up 460.44 per cent, against INR 3.16 crore in the corresponding quarter a year ago.

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