Man Industries: US prop

STOCK IN THE NEWS

The turnover of Man Industries on BSE and NSE increased 12-fold to Rs 16.75 crore last week as the company bagged a Rs 1,000 crore ($225 million) order from the US.

The company will manufacture and supply 257 miles of LSAW and HSAW line pipes coated externally and internally with anti-corrosive systems. The stock appreciated by 12 per cent last week from Rs 175.75 to Rs 196.45 this week.

The current order is the single largest order received by any Indian pipe manufacturing company from the US and is also one of the largest orders made by a single customer of an engineering company from the US in the recent past. With this order, Man's order-book stands at Rs 2,200 crore.

The company is involved in manufacturing and supply of steel line pipes for high and medium pressure applications such as oil, gas, petrochemicals and water transportation. The company is one of the leading manufacturers and exporters of saw pipes and aluminium extrudates.