Man Industries hits 52-week high after securing ₹1,850 Crore mega order

8 Jul 2024 , 01:06 PM

Man Industries’ share price increased by 6% to reach a 52-week high of ₹513 in early trade on July 8, following an order worth ₹1,850 Crore.

At the time of writing on July 8, 2024, at 1:00 pm shares of Man Industries are currently trading at ₹488.65 which is a 5.35% gain than the previous close. The stock has gained a total of 256% in the last year, and 75% since the beginning of the year.

The company announced receiving a significant line pipe order valued at approximately ₹1,850 Crore, the largest in its history.

The order was awarded by a prominent international oil and gas company for the supply of high-value-added line pipes of API5L Grade for an offshore project. Delivery of this order is expected within the next 12 to 18 months.

The current unexecuted order book stands at around ₹4,000 Crore. In June 2024, the company’s plant in Anjar, Gujarat, received CE Certification from Bureau Veritas, France.

This certification ensures compliance with European Union safety and quality standards for API 5L SAW and ERW lines for oil and gas applications, supported by ISO 3834-2 welding certification from TUV-NORD, a mandatory requirement for the European market.