Man Industries Shares At 10-Month High After Securing Order Worth Rs 1,150 Crore

Man Industries (India) Ltd.'s share price was trading at a 10-month high in Thursday's session as it secured an order worth Rs 1,150 crore.

The order entails supply of various types of pipes to an international entity. Man Industries did not reveal the name of the company who placed the export order.

Man Industries will complete the order in six to 12 months, the company said in an exchange filing.

After this order, the total unexecuted order book stands at Rs 3,500 crore.

Man Industries Ltd. share price rose 5.92% to Rs 418.50 apiece, the highest level since Sept. 5. The scrip has been rising for two days in a row. It was trading 5.43% higher at Rs 259.14 apiece as of 12:38 p.m., as compared to a 0.80% advance in the NSE Nifty 50.

The stock rose 19.24% in 12 months, and 24.21% on year-to-date basis. Total traded volume so far in the day stood at 2.0 times its 30-day average. The relative strength index was at 73.01.

Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 4.5%.