Now Reading: Man Industries shares jump 6% on QatarEnergy approval, eyes Gulf expansion
-
01
Man Industries shares jump 6% on QatarEnergy approval, eyes Gulf expansion
Man Industries shares jump 6% on QatarEnergy approval, eyes Gulf expansion
Man Industries shares rose as much as 6.34% to Rs 614.40 on Friday after the company said QatarEnergy added it to a preferred manufacturers list for carbon steel LSAW pipes, coating and…
The Story in Brief
Man Industries shares rose as much as 6.34% to Rs 614.40 on Friday after the company said QatarEnergy added it to a preferred manufacturers list for carbon steel LSAW pipes, coating and bends. The approval makes Man Industries eligible to bid for pipe requirements in QatarEnergy's LNG expansion, one of the world's largest. Managing director Nikhil Mansukhani said the company plans aggressive overseas expansion over five years, betting on rising demand for oil and gas pipelines as Gulf countries diversify energy transport routes amid geopolitical risks. Exports already account for 70-80% of revenue.
The Indian Opinion
The narrative that Gulf tensions automatically benefit Indian pipe makers overlooks execution risk: Man Industries won approval to bid, not an order. The real test will be its ability to convert a Rs 24,000-crore tender pipeline into a booked order book, especially as competition from established Gulf players remains stiff. How many large-diameter pipe contracts does it actually win from QatarEnergy and Saudi Aramco in the next two quarters?
Sources (2): ndtvprofit.com, livemint.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
