Man Industries (India) surged 6.13% to Rs 102.20 at 11:32 IST on BSE after the company said it has filed an application in Bombay High Court seeking modification in a proposed scheme of arrangement between the company and Man Infraprojects.
The announcement was made after market hours yesterday, 26 November 2015.
Meanwhile, the S&P BSE Sensex was up 147.53 points or 0.57% at 26,106.16.
On BSE, so far 2.39 lakh shares were traded in the counter as against average daily volume of 70,000 shares in the past two weeks.
The stock hit a high of Rs 102.60 and a low of Rs 97.60 so far during the day. The stock had hit a 52-week high of Rs 128.40 on 20 August 2015. The stock had hit a 52-week low of Rs 44.40 on 31 March 2015.
The stock had outperformed the market over the past one month till 26 November 2015, gaining 3.33% compared with the Sensex's 5.13% fall. The scrip had also outperformed the market in past one quarter, advancing 5.59% as against Sensex's 0.95% rise.
The small-cap company has equity capital of Rs 28.55 crore. Face value per share is Rs 5.
Man Industries (India) said that in the matter of proposed scheme of arrangement between Man Industries (India) and Man Infraprojects, the company has filed an application in Bombay High Court for a modification in the scheme, by proposing to incorporate clause of swapping of shares between two promoter groups, post implementation of scheme. As per the scheme, every shareholder of Man Industries (India) will be eligible to get 1 free share of Man Infraprojects. Man Industries (India) expects the application to be decided soon, enabling it to go ahead with remaining procedure of implementation.
Man Industries (India)'s net profit rose 444% to Rs 20.29 crore on 20.2% growth in net sales to Rs 319.41 crore in Q2 September 2015 over Q2 September 2014.
Man Industries (India) is a leading manufacturer of SAW pipes (line pipes) and coating systems for high-pressure oil & gas applications. Man Industries' operations are spread globally with offices in US and UAE, besides India.
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