Man Industries Share Price Hits 52-Week High After Securing ₹1,850 Crore Order
Man Industries ₹1850 crore order
Man Industries share price surged 10% to a 52-week high after securing a ₹1,850 crore order for pipes. Analysts expect positive momentum to continue with a target of 530–550, supported by recent bullish breakout.
Man Industries’ share price surged over 10% in early Monday trade, reaching a 52-week high following the company’s announcement of its largest-ever single order worth over ₹1,850 crore for pipes from Oil & Gas International Company. The stock opened at ₹502 apiece on BSE, touching an intraday high of ₹513 and a low of ₹482.70.
Key Highlights:
- Order Details:
-
- Value: ₹1,850 crore
- Client: Oil & Gas International Company
- Product: High value-added line pipes of API 5L grade
- Project: Massive offshore project
- Delivery Timeline: 12 to 18 months
- Stock Performance:
-
- Opening Price: ₹502 on BSE
- Intraday High: ₹513
- Intraday Low: ₹482.70
- Technical Analysis:
-
- Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, noted a gap-up opening, with prices dipping slightly from initial highs, trimming gains.
- Bullish Breakout: Last week, the stock broke beyond ₹450, indicating positive momentum.
- Support Levels: Immediate support and buying zones are around ₹475 and ₹450.
- Target: Analysts expect the positive momentum to continue with a potential target of ₹530–₹550.
Additional Context:
The Oil & Gas International Company awarded Man Industries the contract to supply high value-added line pipes for a major offshore project. This order, expected to be delivered within the next 12 to 18 months, brings Man Industries’ unexecuted orders to approximately ₹4,000 crore.
“This order reflects the robust business environment and showcases the trust our customers have in our technological and executional capabilities,” the company stated in its filing.
Recent Orders:
- In the last week of May, Man Industries announced fresh orders totaling ₹490 crore from both local and foreign markets.
- With this new success, the company’s order book now stands at almost ₹2,600 crore.
Conclusion:
Man Industries’ stock experienced a significant boost due to the recent large order, reflecting strong market confidence in the company’s capabilities. The technical analysis suggests a continued upward trajectory, with support levels providing a strong foundation for further gains. Investors are optimistic about the stock reaching new targets in the near term, driven by robust order books and favorable business conditions.
Stay tuned for more updates on Man Industries and other market movements.
Post Comment