Multibagger stock engaged in the manufacturing and trading of steel pipes used in oil and gas, the hydrogen industry, and many other industries jumped 9 percent in the day’s trade following receiving certification from the European Research Centre for hydrogen transport.
At 1:58 p.m the shares of Man Industries (India) Limited were trading at Rs. 272.95, up 7.72 percent from its previous day’s close price of Rs. 253.40 and its market capitalization is Rs. 1,641 Crores. It has delivered multi-bagger returns of 242 percent in a year.
Man Industries Limited has achieved a significant milestone after the successful testing of its pipes for safe hydrogen transportation conducted by a leading European Research Centre for hydrogen transport.
The accomplishment marks a critical milestone in addressing a major hurdle in the shift to a hydrogen-based ecosystem i.e. efficiently delivering Hydrogen Gas to the point of use.
The Hydrogen Service test ensures structural integrity and safety for hydrogen transport. This certification safeguards against challenges related to hydrogen’s small molecule size permeating materials more easily than other gases. This successful test underscores the company’s commitment to innovation and sustainability.
Man Industries Limited is engaged in the business of manufacturing and trading longitudinal submerged arc welded (LSAW) and helically submerged arc welded (HSAW) pipes used for various purposes in industries such as oil & gas, water supply, sewerage, agriculture, construction, and many more. It has made Further diversification into Seamless Stainless Steel Pipe to serve the Chemical, Oil and gas, and Fertilizers industry.
It has a strong customer base with well-known players like Reliance, Larsen & Toubro, ONGC, Adani, Shell Global Solutions, BPCL, IOCL, Kuwait Oil Compan and many more.
The company’s revenue from operations grew 4.34 percent from Rs. 2,138.63 Crores in FY22 to Rs. 2,231.34 Crores in FY23, accompanied by profits of Rs. 101.58 Crores to Rs. 68 Crores.
Written by: Bharath K.S
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