Man Industries shares surged as much as 6.34% to hit an intraday high of Rs 614.40 on Friday after the company said it has been added to QatarEnergy's Preferred Manufacturers List (PML) for carbon steel LSAW pipes, coating and bends.
At 9:34 am, Man Industries shares were trading 5.82% higher at Rs 611.35, even as the BSE Sensex was down 0.37% at around 77,799.
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The company's inclusion in QatarEnergy's PML makes MAN eligible to bid for large-diameter pipe requirements across the energy major's upcoming project pipeline, potentially opening up a significant order opportunity.
QatarEnergy is undertaking one of the world's largest LNG expansion programmes, supported by a multi-year capital expenditure plan spanning exploration, production and infrastructure. MAN said the approval gives it a direct route into this pipeline and strengthens its presence among national oil companies in the Middle East.
GCC Expansion Adds To Growth Opportunity
MAN Industries said the QatarEnergy approval recognises its manufacturing quality, technical capabilities and ability to meet stringent standards set by national oil companies.
Managing Director Nikhil Mansukhani said Qatar remains one of the most significant energy markets globally and that the approval provides the company with a platform to participate in QatarEnergy's project pipeline over the coming years.
The company added that its recent expansion in Saudi Arabia through NPC, along with the QatarEnergy approval, strengthens its positioning across the GCC and supports its strategy of building relationships with leading energy majors in the region.
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