Man Industries bags Rs 500 cr orders

Man Industries India has bagged orders worth Rs 500 crore from an Iran-based company and Reliance Industries for supply of pipelines.

Man Industries India Ltd, manufacturer and exporter of SAW pipes and aluminium extrusion, said on Tuesday that it has bagged orders worth Rs 500 crore from an Iran-based company and Reliance Industries for supply of pipelines.

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The company bagged an order of Rs 400 crore from an Iran-based company and a project worth around Rs 100 crore from RIL, the company informed the Bombay Stock Exchange.

The shares of the company were trading at Rs 166.35, down 3.37 per cent on the BSE.

Recently the company posted 91.32 per cent increase in net profits at Rs 35.05 crore for the year ended March 31, while announcing a dividend of 25 per cent.

Total sales for the year 2005-06 stood at Rs 869.93 crore as against Rs 510.34 crore in the previous year.