Shares of Man Industries Ltd rose to their record high today after the iron and steel products maker said it received an order win worth Rs 1,850 crore. .. has received a prestigious line pipe order of approximately Rs 1,850 crore which is the largest single order in the company’s history," Man Industries said in its exchange filing.
One of the most reputable oil & gas international company awarded Man Industries to supply high value-added line pipes of API5L Grade for this mega offshore (Oil & Gas) project, the company said.
The order is likely to be delivered during the next 12 to 18 months. The total unexecuted order book as of today stands at approximately Rs 4,000 crore, the firm added.
In reaction, Man Industries shares gained 10.69% to Rs 513 against the previous close of Rs 463.45 on BSE.
Market cap of the firm rose to Rs 3,180 crore. Total 0.71 lakh shares of the firm changed hands amounting to a turnover of Rs 3.50 crore on BSE. The stock had a beta of 0.5, indicating very low volatility in the last one year.
The metal stock fell to a 52-week low of Rs 129.80 on July 25, 2023.
In terms of technicals, the relative strength index (RSI) of Man Industries India stands at 66, signaling the stock is trading neither in the oversold nor in the overbought zone. Man Industries India shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
In a year, the stock has gained 249.55 per cent and risen 75.25 per cent this year.
The stock climbed 521% in two years.
About Man Industries
Man Industries (India) Limited is an India-based company, which is engaged in the business of manufacturing, processing, and trading of submerged arc welded pipes and steel products. The Company offers longitudinal submerged arc welded line pipes for use in oil, gas, petrochemicals, fertilizers, and dredging, and helically submerged arc welded line pipes for use in oil and gas transportation, water supply, sewerage, agriculture, and construction, as well as for high pressure applications.