Man Industries jumped 3.10% to Rs 56.50 after the company said it secured a new export order from Middle East and North Africa (MENA) region.
The company said it received new export orders worth about Rs 300 crore from MENA Region. With this the total unexecuted order book of the company stands at approximately Rs 1,600 crore. The statement was filed during trading hours today, 19 February 2020.
On the technical front, the stock's RSI (relative strength index) stood at 56.221. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading between its 10-day moving average (DMA) placed at Rs 56.57 and its 20-DMA placed at Rs 54.97.
Man Industries' standalone net profit soared 89.1% to Rs 29.33 crore on a 3.3% rise in net sales to Rs 532.60 crore in Q3 December 2019 over Q3 December 2018.
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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