Man Industries gains after commissioning augmented facility at Gujarat plant

Man Industries (India) was up 2.2% at Rs 60.80 at 12:51 IST on BSE after the company commissioned an indigenously developed hydraulic JCO press at its Gujarat plant.

Meanwhile, the S&P BSE Sensex was off 31.62 points or 0.12% at 26,365.15.

On BSE, so far 45,763 shares were traded in the counter as against average daily volume of 56,914 shares in the past one quarter. The stock hit a high of Rs 61.85 and a low of Rs 60.25 so far during the day. The stock had hit 52-week high of Rs 128.40 on 20 August 2015. The stock had hit 52-week low of Rs 48 on 29 February 2016. The stock had underperformed the market over the past one month till 13 June 2016, sliding 5.63% compared with the Sensex's 3.56% rise. The scrip had also underperformed the market in past one quarter, sliding 2.94% as against the Sensex's 6.79% rise.

The small-cap company has equity capital of Rs 28.55 crore. Face value per share is Rs 5.

Man Industries (India) said that the augmented facility at its Gujarat plant will open new market for the company's high margin line pipes across the globe. The company further said that it has created a distinct edge over other industry peers by joining the elite league of a few line pipe players in niche sector across the globe, having capability to manufacture high grade steel line pipes in low diameter with high wall thickness with diameters up to 56" and thicknesses up to 55.0 mm.

On the financial front, the net profit of Man Industries (India) fell 41.5% to Rs 26.20 crore on 46.4% fall in net sales to Rs 340.05 crore in Q4 March 2016 over Q4 March 2015.

Man Industries (India) is one of the leading manufacturers and exporters of large diameter carbon steel line pipes for various high pressure transmission applications for gas, crude oil, petrochemical products and potable water.

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