Ashish Kacholia Backed Small Cap Stock Hits All-Time High After Bagging ₹1,850 Cr Order

Man Industries (India) shares gained 6% on Monday morning and also hit an all-time high level after the company won a single order worth ₹1,850 crore. 

What Happened: Man Industries (India) received a line pipe order of ₹1,850 crore which it said is the largest single order the company received. One of the most reputable oil and gas international companies gave the order to supply high-value-added line pipes of API- 5L Grade, the company said in a press release. 

The order is expected to be delivered in the next 12-18 months. The Ashish Kacholia-backed company said its total unexecuted order book stood at ₹4,000 crore.  Kacholia owns an around 2.10% stake in the company.

See Also: After iPhone Success, Apple Wants To Revive Its ‘Make In India’ Plans For iPads And AirPod Cases: Report

In June, Emkay Global initiated coverage on the scrip with a "buy" call and a target price of 500. The brokerage said the stock has more than doubled within the last year reflecting the improved business fundamentals and has greater visibility on the execution of its announced execution plans. 

According to the research firm, the stock is yet to factor in the project execution which is expected to double the group's revenue in 3-4 years. 

Price Action: Shares of Man Industries rose 6.42% to ₹493.65 on Monday morning. The stock also hit its all-time high of ₹513.70 in the session. 

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