Man Industries (India) surged 5.63% to Rs 83.55 after the company said it received new orders worth approximately Rs 500 crore.
The company has received new orders in both domestic and export markets in oil and gas as well as water segments worth approximately Rs 500 crore. The announcement was made before market hours today, 22 March 2021.
On the technical front, the stock's RSI (relative strength index) stood at 56.940. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading above its 50-day moving average (DMA) placed at 79.18 and its 200-day moving average (DMA) placed at 66.70.
Man Industries (India) is engaged in the manufacturing and coating of large diameter carbon steel pipes, infrastructure, and realty and trading.
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