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Shares of this multibagger Ashish Kacholia stock jumped approximately 3 percent in Friday’s trading session after the company received a nod from “Shell Global” for Steel Pipeline Coating. In the last month, the company’s stock gained nearly 15 percent for its holders. 

With a market capitalization of Rs 2,557.04 crores, the stocks of Man Industries (India) Limited opened their trading hour on Friday at Rs 379.95 and currently trade at Rs 395, gaining approximately 3 percent compared to the previous close of Rs 384.65 apiece. 

Such sharp share price movements were observed today after the company, through a recent regulatory filing with the Bombay Stock Exchange (BSE), intimated key business updates. 

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The company announced that it has successfully received approval from “Shell Global” for internal, external, and concrete coating of steel pipelines at its coating mill located in Anjar, Gujarat. 

“We are delighted to inform you that the company has undergone stringent technical assessment of coating mill at Anjar, Gujarat.”, the company’s officials commented

The abovementioned assessment involved testing various coatings of the steel pipelines. All the types were tested, and post the same, Shell Global Solutions International BV gave their thumbs up to the results. 

During the recent financial quarters, the company’s prime indicators of business, i.e., its operating revenues as well as after-tax profits, witnessed a marginal dip in numbers. The former reduced from Rs 1,018 crores during Q2FY24 to Rs 833 crores during Q3FY24, and the latter, keeping the timeframe the same, took a downward shift from Rs 39 crores to Rs 31 crores. 

The latest shareholding pattern portrays Mr. Ashish Kacholia, one of the well-known ace investors based in India, holds a stake in the company. As per the March 2024 quarter, he holds approximately 13.62 lakh equity shares of the company equivalent to a 2.10 percent stake.

Keeping a purview of the last year, the company’s stock has delivered multibagger returns of approximately 330 percent to its stakeholders, viz, if someone had invested Rs 1 lakh into the company’s stock a year ago, it would have converted to Rs 4.30 lakhs. 

According to the latest presentations, the company’s current capacity stands at 1.125 million Metric Tonnes Per Annum (MTPA) and forecasts a projected capacity of approximately 1.295 million MTPA with enhancements in the “Electric Resistance Welded Pipe” segment by 120 percent and introducing the “Stainless Steel” segment with a capacity of 20,000 MTPA. 

Incorporated in 1988, Man Industries (India) Limited is engaged in the business of manufacturing as well as exporting large-diameter carbon steel welded pipes in India. The company’s product portfolio includes longitudinal, spiral or helical submerged arc welded pipes, casting pipes, and all types of anti-corrosion coatings. 

Moreover, the company also caters to overseas clients involved in various industries, including oil & gas, fertilizers, petrochemicals, etc. 

Written by Amit Madnani 

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