MAN Industries (India) advanced 1.83% to Rs 454.50 after the company announced the signing of a memorandum of understanding (MoU) with Aramco Asia India (AAI), a subsidiary of Saudi Aramco.
This MoU, which is effective immediately and will remain in force for a period of five years, seeks to explore the potential for establishing a steel pipe manufacturing facility in the Kingdom of Saudi Arabia through MAN or its subsidiaries.
The collaboration is also designed to undertake the joint development of advanced capabilities, technologies, and resources.
This effort aims to support the energy, infrastructure, and industrial requirements of Saudi Arabia, the GCC, and the broader Middle East region.
MAN Industries (India) is the flagship company of the MAN Group. The company is one of the largest manufacturers and exporters of large diameter carbon steel line pipes in India, with capabilities in LSAW (longitudinal submerged arc welded), HSAW (helical submerged arc welded), and ERW (electric resistance welded) pipe technologies, as well as advanced pipe coating solutions.
The company's consolidated net profit rose 16.07% to Rs 36.98 crore on a 3.46% increase in revenue to Rs 834.09 crore in Q2 FY26 as compared with Q2 FY25.
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