Man Industries (India), a leading manufacturer and exporter of large diameter carbon steel line pipes, has received order worth Rs 7 billion from international and domestic customers for supply of pipes for oil, gas and water sector projects.
"With this new order the outstanding order book as on date stands at approx. Rs. 13 billion to execute over a period of 6 to 8 months, this will result in significant improvement in the coming quarters," , the company said.
The company has upgraded its Pithampur plant with the enhanced capabilities to become pioneer to produce pipes up to 3600 mm dia meter with coating facilities.
Meanwhile, the company has outstanding bids approx. USD 1.5 billion at various stages of evaluation for several oil, gas and water projects in India and abroad.
The company therefore expects good order inflow in near future from the outstanding bids which are at various levels of evaluation by the clients.
Shares of the company declined Rs 0.8, or 0.76%, to settle at Rs 104.50 at the BSE (Wednesday).