Man Industries shares jump 15% on new orders worth Rs 510 crore

Man Industries (India) shares jumped 14.53 per cent to Rs 69.35 on Thursday after the company announced that it has received orders worth approximately Rs 510 crore from international oil and gas sector.

The company's current market capitalisation is Rs 346 crore.

"The new order intake will result in significant improvement in performance of the company in the current financial year ended March 2016," Man Industries said in a filing to the Bombay Stock Exchange.

With these orders the outstanding executable order book as on date stands at Rs 1,300 crore.
Man Industries is engaged in manufacturing of pipes and aluminium extruded products. The main business line includes manufacturing and coating of large diameter carbon steel pipes, infrastructure, realty and trading.

The company has outstanding bids over $ 2 billion at various stages of evaluation for several other oil, gas and water projects in India and abroad. For the nine months ended December 2014, the company registered net profit of Rs 8.76 crore, up 41.52 per cent, against Rs 6.19 crore in the corresponding period a year ago.

"The company expects good order inflow in near future from the outstanding bids which are at various levels of evaluation by the clients," the release added.