Man Industries on smart rally

With volumes rising over three times, Man Industries is virtually on a smart gallop on the bourses today. The stock is currently up over 16% at Rs.70.50 and this is after an intra day high at Rs.72.45. Its 52-week high remains a far away at Rs.94.

The stock is in the limelight today after the company stated that it had won export orders worth Rs.510 crore from the oil and gas sectors. With these new orders, the company has stated that its outstanding executable order book stands at around Rs.1300 crore and this is expected to reflect positively in its current fiscal’s financial performance. The company said that it presently has outstanding bids of over US$2 billion at various stages of evaluation in oil, gas and water projects, within India and abroad.

The company had ended Q4FY15 on a very robust note. It had reported an unbelievable 15 times jump in net profit for Q4FY15 at Rs.45 crore v/s Rs.3 crore in previous Q4. This jump was on the back of very good sales at Rs.634 crore, which had virtually doubled from Rs.346 crore in Q4FY14. The company’s upgradation of its Pithampur plant is nearing completion and the same will start contributing to the performance shortly.

Man Industries is a leading manufacturer of SAW pipes (line pipes) and coating systems for high-pressure oil & gas applications.