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Man Industries zooms 20% on order win of Rs 925 crore from GAIL (India)

The stock locked in upper circuit of 20% at Rs 110, also its 52-week high on the BSE, after the company received order worth of Rs 925 crore from GAIL (India).

Gail

Man Industries was locked in upper circuit of 20% at Rs 110, also its 52-week high on the BSE, after the company received order worth Rs 925 crore from GAIL (India).

“The company has received a prestigious order for USD 142.44 million (approx. Rs 925 crore) from GAIL (India) for supply of about 116,000 MT. of line pipes for its Jagdishpur-Haldia-Bokaro-Dhamra Pipeline Project (JHBDPL), Phase II,” Man Industries said in a BSE filing.

With this new order, the outstanding order book as on date stands at approx Rs 2,700 crore to be executed within a period of 9 to 12 months, it added.

Man Industries is one of the leading large diameter API grade pipe manufacturing Company.

The trading volumes on the counter jumped more than 10-fold. A combined 10.29 million shares changed hands and there were pending buy orders for 750,304 shares on the NSE and BSE till 02:48 PM.