Man Industries Jumps Nearly 11% On Rs 1,850-Crore International Order
As of July 8, the total unexecuted order book of the company stood at Rs 4,000 crore.
Shares of Man Industries (India) Ltd. surged nearly 11% to hit record high on Monday after it received its highest single order of Rs 1,850 crore from a reputable international oil and gas company.
The company will supply high value-added line pipes for a mega offshore oil and gas project and is expected to be delivered in the next 12 to 18 months, according to an exchange filing on Monday.
As of July 8, the total unexecuted order book of the company stood at Rs 4,000 crore.
In January, the pipe manufacturer also won an order worth Rs 400 crore for the supply of various types of pipes.
Shares of the company rose as much as 10.75% to hit record high of 513.70 apiece. They were trading 5.04% higher at Rs 513.70 apiece, as of 9:26 a.m. This compares to a 0.04% decline in the NSE Nifty 50 Index.
The stock has risen 253.65% in the last 12 months. Total traded volume so far in the day stood at 12 times its 30-day average. The relative strength index was at 72.04, indicating the stock is overbought.
Both the analysts tracking the company maintain a 'buy' call on the stock, according to Bloomberg data. The average 12-month consensus price target implies a downside of 4.3%.
Presently, the capacity utilization for the company stands at 60-70%, RC Mansukhani, chairman at Man Industries said that they are looking to improve their utilisation rather than investing more money in the company. “The company is debt free, at a surplus stage of Rs 200 crore as of March 2024. The company’s aim is more profit, revenue and improve its EBITA."
With a capacity addition in the company, Mansukhani expects a 100% revenue growth for their business. They intend to achieve Rs 6,000 crore in the next two years.
