Strong Gains for Man Industries: ₹555 Crore Order Boost

29 Feb 2024 , 12:13 PM

Man Industries’ stock increased 2.7% to ₹391 in the first trade on February 29 following the receipt of orders totaling ₹555 Crore by the business.

has gotten fresh orders worth about ₹555 Crore. As of right now, there are over ₹2000 Crore worth of outstanding orders that need to be fulfilled within the next six months, according to the company.

The order is for a variety of pipe kinds.

The business declared in December 2023 that testing of its pipes for secure hydrogen transportation had been completed. A preeminent European research institution for hydrogen transport carried out the testing, guaranteeing the fuel’s structural integrity and safety.

The business’s net profit for the quarter that ended in December 2023 was ₹30.60 Crore, a 17.7% decrease.

Large-diameter carbon steel pipes for the oil and gas, petrochemical, water, dredging, and fertiliser industries are produced by the 1988-founded company.

In February 2024, the share reached a 52-week high of ₹459, and on March 16, 2023, it reached a 52-week low of ₹83.21.

The stock is currently trading 369.9% above its 52-week low and 14.81% below its 52-week high.

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