 "Man Industries surges on bagging orders worth Rs 700 crore")
Man Industries has surged 7% to Rs 112 on the BSE after the company announced that it has received orders worth approximately Rs 700 crore from international and domestic customers for supply of pipes for oil, gas and water sector projects.
With these new orders to the outstanding order book as on date stands approximately Rs 1,300 crore to be executed over a period of 6 to 8 months, this will result in significant improvement in coming quarters, Man Industries said in a statement.
The company expects good order inflow in near future from the outstanding bids which are at various levels of evaluation by the clients.
It has outstanding approximately $1.5 billion (approx. Rs 9,800 crore) at various stages of evaluation for several oil, gas and water projects in India and abroad, it added.
The stock hit a intra-day high of Rs 114 and has seen more than two-fold jump in trading volumes. Till 09:48 am, a combined 1.29 million shares changed hands as against an average sub 0.50 million shares that were traded daily in past two weeks on the NSE and BSE.
With these new orders to the outstanding order book as on date stands approximately Rs 1,300 crore to be executed over a period of 6 to 8 months, this will result in significant improvement in coming quarters, Man Industries said in a statement.
The company expects good order inflow in near future from the outstanding bids which are at various levels of evaluation by the clients.
It has outstanding approximately $1.5 billion (approx. Rs 9,800 crore) at various stages of evaluation for several oil, gas and water projects in India and abroad, it added.
The stock hit a intra-day high of Rs 114 and has seen more than two-fold jump in trading volumes. Till 09:48 am, a combined 1.29 million shares changed hands as against an average sub 0.50 million shares that were traded daily in past two weeks on the NSE and BSE.
