Man Industries' Stock Surges After Global Order Win, SEBI Analyst Suggests Hold Strategy

Shares of Man Industries surged over 7% in early trade on Wednesday after securing a new international order worth ₹1,700 crore.

Man Industries Limited announced that the order was placed by an international client for various types of coated pipes. The company is required to execute the project within 6-12 months. 

The new order win is expected to boost the company's revenue visibility going ahead. Its current order book stands at approximately ₹4,700 crore.

The company said that this order reflected the robust business environment and showcased the trust of the customers in their technological and executional capabilities. 

Analyst Take 

SEBI-registered analyst Vatsal Khemka noted that Man Industries is one of India's largest manufacturers & exporters of Longitudinal Submerged Arc Welding (LSAW) &  Helical Submerged Arc Welded (HSAW) pipes, with an installed capacity of 1 million tonnes. The company has over three decades of strong presence in the pipe industry.  

On the technical front, Khemka said that Man Industries' stock was trading near resistance at ₹460. He advised traders against taking on new long positions for now and suggested that existing investors hold their positions and trail their stop-losses.

What Is The Retail Mood?

Data on Stocktwits shows retail sentiment turned from 'neutral' to 'bearish' a day ago. 

Man Industries shares have risen 27% year-to-date (YTD).

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