Ashish Kacholia’s stock specializing in the manufacturing of large-diameter welded pipes and pipeline coatings has jumped upto 4 percent upon receiving an order worth Rs. 250 Cr from Domestic and International Customers.
Price action
With a market capitalization of Rs.1,740.0 crores on Wednesday, the shares of MAN Industries Limited jumped upto 4 percent making a high of Rs. 274.85 per share compared to its previous closing price of Rs. 264.25 per share.
What Happened
Man Industries Limited, engaged in the manufacturing of large-diameter welded pipes and pipeline coating, has received a work order worth ~Rs. 250 Crores from domestic and international customers for the supply of various types of pipes. This order is to be executed within the next 6 to 12 months and adds to the company’s existing unexecuted order book of Rs. 2900 Crores.
Ace Investor
Ace investor Asish Kacholia holds a 2.10 percent stake, consisting of 13,62,395 equity shares in the company.
About the Company
Man Industries (India) Limited is a leading manufacturer of large diameter welded pipes and pipeline coatings which it caters to industries like oil & gas, water, and infrastructure. With a strong global presence, Man Industries exports to over 30 countries, and they are committed to delivering high-quality products while maintaining a focus on sustainability and technological advancements.
Operational Highlights
This strong order pipeline demonstrates demand for the company’s products and operational capacity. The company recently secured a prestigious US$ 220 million order for API 5L grade line pipes for an offshore LNG project from a leading international Oil & Gas company, to be delivered over the next 12 to 18 months.
Additionally, the company plans to set up a new plant in Dammam, Saudi Arabia, with a capacity of 3 lakh tons per annum at an estimated cost of Rs 600 Crores, this plant will manufacture line pipes and include a coating facility to meet Saudi Arabia’s growing demand.
Financials
The company’s revenue declined by 21 percent from Rs. 1,039.18 crore to Rs. 816.96 crore in Q2FY24-25. Meanwhile, Net profit declined from Rs. 39.04 crore to Rs. 31.86 crore during the same period.
Written by Sridhar J
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