Man Industries (India) jumps after winning orders

Man Industries (India) rose 6.79% to Rs 111.60 at 9:25 IST on BSE after the company said it received orders worth approximately Rs 700 crore from international and domestic customers for supply of pipes for oil, gas and water sector projects.

The announcement was made after market hours yesterday, 7 October 2015.

Meanwhile, the BSE Sensex was down 6.58 points, or 0.02%, to 27,029.27.

On BSE, so far 2.13 lakh shares were traded in the counter, compared with an average volume of 2.57 lakh shares in the past one quarter.

The stock hit a high of Rs 113.90 and a low of Rs 110.60 so far during the day. The stock hit a 52-week high of Rs 128.40 on 20 August 2015. The stock hit a 52-week low of Rs 44.40 on 31 March 2015.

The stock had outperformed the market over the past one month till 7 October 2015, rising 16.24% compared with 8.60% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.12% as against Sensex's 4.03% decline.

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

With these new orders the outstanding order book as on date stands at approximately Rs 1300 crore to be executed over a period of 6 to 8 months, resulting in significant improvement in the coming quarters, Man Industries (India) said.

The company has upgraded its Pithampur plant with the enhanced capabilities to become pioneer to produce Pipes up to 3600 mm dia meter with coating facilities, Man Industries (India) said. Meanwhile, the company has outstanding bids approximately $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, it added.

Man Industries (India)'s net profit jumped 460.4% to Rs 17.71 crore on 90.8% growth in net sales to Rs 403.89 crore in Q1 June 2015 over Q1 June 2014.

Man Industries (India) is a leading manufacturer of SAW pipes (line pipes) and coating systems for high-pressure oil & gas applications. Man Industries' operations are spread globally with offices in US and UAE, besides India.

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