Man Ind gains 4% n Rs 500-cr export orders

Man Industries (India) is trading higher by 4% at Rs 114 on getting orders worth of Rs 500 crore from West Asia for supply of large diameter pipes for oil and gas sector.

“With these orders received by the company the company’s outstanding order book stands at approximately Rs 1,600 crore. The orders are to be executed over a period of next 9 to 12 months,” the construction and engineering company said in a filing to the stock exchanges.

The company has outstanding bids over Rs 4,500 crore at various stages of evaluation for several other oil, gas and water projects in India and abroad, it added.

 

The stock opened at Rs 110 and touched a high of Rs 117 on the National Stock Exchange. A combined 209,937 shares have changed hands on the counter so far, against an average around 80,000 shares that were traded daily in past two weeks on the NSE and BSE.