Man Industries’ shares hit one-month high on order win worth Rs 1,300 cr

Shares of Man Industries (India) hit over a one-month high on March 16 after the company bagged an export order worth Rs 1,300 crore. The order win will further aid the carbon steel pipe manufacturer’s order book, which stands at  Rs 2,000 crores, to be executed within six to eight months.

At 12:58 pm, shares of Man Industries were trading 5.97 percent higher at Rs 90.50 on the National Stock Exchange. Eight lakh shares also exchanged hands on the bourses as compared to the one-month daily traded average of one lakh shares.

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The company is also working towards optimum utilization of its current capacity and upgrading the existing setup by undertaking capex to further streamline production.

On that account, the pipemaker is also investing heavily to manufacture ERW Pipes and stainless steel to cash in rising demand from the hydro-carbon sector. The company plans on setting up its ERW pipe production with capacity to 1,25,000 MTPA  in the upcoming financial year at an approximated cost of Rs 170 crore.

Additionally, Man Industries is also investing Rs 500 crore in setting up 20,000 MPTA of stainless steel capacity  by the third or fourth quarter of FY24.