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Man Industries surges 9% on new order

MAN Industries (India) surged around 9% intra-day on Thursday after the company informed BSE on Wednesday post market hours that it has received orders worth approximately Rs 700 crore.

The company has received orders worth approx. Rs 700 crore from international and domestic customers for supply of pipes for Oil, Gas and Water sector projects. Roughly 60% is from the international market and 40% from the domestic market.

"With these new orders the outstanding order book as on date stands at approximately Rs 1300 crore to be executed over a period of 6 to 8 months, resulting in significant improvement in the coming quarters," Man Industries (India) has stated. Out of the total order book, 70% of the order is from oil and gas sector and 30% from the water segment which is mostly local order.

The Company has upgraded its Pithampur plant with the enhanced capabilities to become pioneer to produce Pipes up to 3600 mm dia meter with coating facilities.

Meanwhile, the company has outstanding bids worth approx. USD 1.5 Bn at various stages of evaluation for several Oil, Gas and Water projects in India and abroad. The company therefore expects good order inflow in near future from the outstanding bids which are at various levels of evaluation by the clients.

MAN Industries (India) is a leading manufacturer of SAW Pipes (Line Pipes) and Coating Systems for High-pressure Oil & Gas applications with a potential production capacity of approximately one million MT of SAW pipes per annum. MAN Industries operations are spread globally with offices in U.S. and U.A.E. besides India.

The stocks today closed at Rs 109.80, up by Rs 5.30 or 5.07% from its previous closing of Rs 104.50 on the BSE.

The promoters holding in the company stood at 54.47% while FII and DII held 6.11% and 1.66%, respectively as on 30th June 2015.

For the quarter ending June 2015, the company posted more than five and half fold net profit of Rs 17.71 crore as against Rs 3.16 crore in the corresponding quarter a year ago.

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