Man Industries (India) witnesses a 3% surge in early trading on April 19 following approval from Shell Global for external, internal, and concrete coating of steel pipelines at Anjar, Gujarat.
According to a filing with the exchanges, Man Industries (India) stated, “We are pleased to announce that the company’s coating mill at Anjar, Gujarat, has undergone rigorous technical assessment.”
The assessment evaluated the performance of external, internal, and concrete coating for steel pipelines, testing three different types of coating. The results received the green light from Shell Global Solutions International BV.
As of 10:30 am, Man Industries shares were trading at Rs 391 on the BSE, marking a 1.6% increase from the previous session’s closing price.
In other news, on February 29, Man Industries bagged orders worth Rs 555 crore, increasing the total unexecuted order book to approximately Rs 2,000 crore, slated for execution over the next six months. These orders entail the supply of various types of pipes.
Established in 1988, the company specializes in manufacturing large-diameter carbon steel pipes utilized in industries such as oil and gas, petrochemicals, water, dredging, and fertilizers.
Over the past six months, the company’s shares have surged by approximately 72%. In comparison, the benchmark Nifty 50 index has recorded gains of around 12% during the same period.
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