Following the announcement by the firm that it had secured its largest-ever single order of over ₹1,850 crore for pipes from Oil & Gas International firm, Man Industries’ share price jumped over 10% on Monday in early trade, reaching a 52-week high. The opening price of Man Industries shares on the BSE was ₹502 per share. During the day, the stock saw a high of ₹513 and a low of ₹482.70.
According to the company’s exchange filing, the Oil & Gas International Company granted Man Industries the contract to provide high value-added line pipes of API 5L grade for the huge offshore project. It is expected that the order would be delivered in the upcoming 12 to 18 months. Man Industries has around ₹4,000 crore in unexecuted orders.
“This order reflects the robust business environment and showcases the trust of the customers they have in the Company’s technological and executional capabilities,” the firm stated in its filing.
At 10:48 am, Man Industries shares were trading 6.28% at ₹493.00.
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