Stock of this smallcap iron & steel company has zoomed over 340% in 10 mths

Shares of Man Industries (India) hit a record high of Rs 378.50 as they rallied 12% after the company received new orders of approximately Rs 400 crore

Shares of Man Industries (India) hit a record high of Rs 378.50 as they rallied 12 per cent on the BSE in Monday's intraday trade amid heavy volumes, after the company said it has received new orders of approximately Rs 400 crore.

In the past three weeks, the stock has surged 51 per cent. while, in the past 10 months, the market price of the company has zoomed 340 per cent from a level of Rs 85.14 per share.

"With this, the total unexecuted order book stands at approximately Rs 1,300 crore which is to be executed in six  months," Man Industries said in an exchange filing. 

 

The company further said this order reflects the robust business environment and showcases the trust of the customers they have in the company's technological and executional capabilities.

Last month, the company had announced the successful testing of pipes for safe hydrogen transportation conducted by leading European Research Centre for hydrogen transport.

At 01:29 PM, Man Industries was up 9 per cent at Rs 368.90 as compared to 0.80 per cent rise in the S&P BSE Sensex. The average trading volume on the counter more-than-doubled with a combined 1.9 million equity shares having changed hands on the NSE and BSE till the time of writing of this report.

Man Industries has manufacturing facilities with a total combined capacity of 1.15 Million Metric Tonnes per annum for LSAW, HSAW, and ERW Pipes. The ERW Pipes plant in Anjar, Gujarat, received the prestigious BIS and ISO Certifications, and the API audit was successfully completed and closed, allowing the company to explore new avenues and forge strategic partnerships.

Seamless stainless steel tube unit, meanwhile, is progressing very well, long lead equipment orders are placed in the beginning of the year from Europe and Japan and the project is likely to be completed by second half of FY24, the company had said.

"The company is witnessing a lot of traction in the sector both in the domestic as well as international market. Many Oil & Gas companies are undertaking capex to increase the line pipe network which is beneficial for players like Man Industries. We are witnessing multiple triggers and good enquiry for our products and are actively participating in the tendering process,” Man Industries said in its FY23 annual report.