Man Industries gains 6% on Aramco Asia MoU for Saudi manufacturing unit

The MoU will explore the potential to establish a steel pipe manufacturing facility in the Kingdom of Saudi Arabia through Man Industries or its subsidiaries

Man Industries shares jumped 5.8 per cent on the BSE, logging an intra-day high at ₹472.3 per share. At 1:10 PM, Man Industries’ shares were trading 3.89 per cent higher at ₹463.7 per share on BSE. In comparison, BSE Sensex was up 0.45 per cent at 85,571.16.

 

The market capitalisation of the company stood at ₹3,479.32 crore. The stock’s 52-week high was at ₹472.3 per share and 52-week low at ₹201.45.   CATCH STOCK MARKET LIVE UPDATES TODAY

Why were Man Industries shares rising in trade?

The stock was in demand after the company entered into a Memorandum of Understanding (MoU) with Aramco Asia India Pvt. Ltd., to explore the long-term supply of the product range of Man Industries (India)  or any of its subsidiaries, and for the business potential of setting up a manufacturing facility in Saudi Arabia.

 

“We wish to inform you that Man Industries (India) Limited (the company) has entered into a Memorandum of Understanding (MoU) with the Aramco Asia India Pvt. Ltd., to explore the long-term supply of product range of MAN Industries (India) Limited or any of its subsidiaries and for business potential of setting up a manufacturing facility in Saudi Arabia,” the filing read.

 

The MoU is effective immediately for a period of five years. It will explore the potential to establish a steel pipe manufacturing facility in the Kingdom of Saudi Arabia through Man Industries or its subsidiaries. Joint development of advanced capabilities, technologies, and resources to support the energy, infrastructure, and industrial requirements of Saudi Arabia, the GCC, and the broader Middle East region.

 

The Man Group, established by the Mansukhani family in the 1970s, has grown into a diversified organisation. Its flagship company, Man Industries (India) Ltd., founded in 1988, specialises in the manufacturing and coating of large-diameter carbon steel pipes, alongside ventures in infrastructure, realty, and trading. The group is expanding into key sectors such as energy, mining, and hospitality.

 

Man Industries is a renowned global manufacturer in the line pipe industry, specialising in the production of large diameter Carbon Steel SAW pipes. With a commitment to providing comprehensive solutions, the company caters to esteemed clients worldwide. Their state-of-the-art manufacturing facility offers a diverse range of products, including Longitudinal Submerged Arc Welded (LSAW) pipes, Spiral/Helical.