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Man Industries to get orders worth Rs 700 crore; shares up 9%

Shares of Man Industries gained 9% intraday on Thursday as the company received orders worth Rs 700 crore from international and domestic customers for supply of pipes for oil, gas and water sector projects.

With an outstanding bid of approximately $1.5 billion at various stages of evaluation for several oil, gas and water projects in India and Abroad, the company expects good order inflow in near future.

Man Industries has upgraded its Pithampur plant with the enhanced capacities to become pioneer to produce pipes up to 3,600 mm dia meter with coating facilities.

RC Mansukhani, Chairman, Man Industries said “EBITDA margins would be between 12-14% for new orders and FY16 revenue growth is likely to be in range of 25-30%. There is no slowdown in transmission orders of oil & gas.”

With these new orders the outstanding order book as on date stands at approximately Rs 1,300 crore to be executed over a period of 6 to 8 months. Reflection of the news immediately affected the share price, which was quoting at Rs 112.00, up Rs 7.50, or 7.18% on the BSE.