Man Industries rallies 3% on Shell Global nod for steel pipeline coating

Shares of Man Industries (India) rallied around 3 percent in early trade on April 19, after the firm received approval from Shell Global for external,
internal, and concrete coating of steel pipelines at Anjar, Gujarat.

In a filing with the exchanges, Man Industries (India) said, "We are delighted to inform you that the company has undergone stringent technical assessment of coating mill at Anjar, Gujarat."

The assessment tested the performance of external, internal and concrete coating for steel pipelines. Three different types of coating were tested. Shell Global Solutions International BV gave their thumbs up to the results.

At 10.30am, the Man Industries shares were quoting Rs 391 on the BSE, higher by 1.6 percent compared to the previous session's closing price.

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On February 29, Man Industries received orders worth Rs 555 crore. "The total unexecuted order book as of today stands at approximately Rs 2,000 crore to be executed in the next six months," the company said. The order is for supply of various types of pipes.

The company, which was founded in 1988, is a manufacturer of large-diameter carbon steel pipes used in industries such as oil and gas, petrochemicals, water, dredging, and fertilisers.

Over the past six months, shares of the company have jumped around 72 percent. In comparison, the benchmark Nifty 50 index has clocked gains of around 12 percent during the same time period.

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