Shares of Man Industries jumped over 5% on Tuesday to hit a new 52-week high of ₹196.70.
What Happened: The surge today comes as the company announced bagging ₹400 crore from a domestic entity. The company in an exchange filing informed that the order is for the supply of various pipes.
The order is expected to be completed within six months. With this order, the company said that its total unexecuted order book stands at approximately ₹1,600 crore which is expected to be executed in six months.
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The announcement today helped the micro-cap stock halt its two-straight session losing streak. Shares of the company have been on a splendid run this year. On a year-to-date basis, the stock has gone up over 140%.
With a market cap of around ₹1,000 crore, the company is involved in the business of manufacturing & coating large-diameter carbon steel pipes, infrastructure, realty and trading.
Price Action: Man Industries’ share price was up 3.78% to trade at ₹193.50 on Tuesday afternoon.
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