Man Industries shares gain 4% on approval from Shell Global for pipeline coating in Gujarat

Man Industries (India) Ltd shares gained 4% on Friday, April 19, after the company announced that it has secured approval from Shell Global for pipeline coating in Gujarat, following a rigorous technical evaluation process.

After the announcement, shares of Man Industries (India) Ltd increased as much as 4.43% to an intraday high of ₹401.3 apiece on the NSE.

In a filing to the stock exchanges, the company said that it has secured the approval from Shell Global for the external, internal and concrete coating of steel pipelines in Anjar, Gujarat.

Man Industries said that it has undergone stringent technical evaluation of its coating mill located in Anjar, Gujarat. The assessment included the performance testing of external, internal and concrete coating for steel pipelines, which has been confirmed by Shell Global Solutions International BV, a well-known name in the global oil and gas industry.

The approval comes in compliance with Shell’s design and engineering practices.

“Shell Global Solutions International BV approval would demonstrate quality standard compliances, reduce risk, and optimise performance,” added Man Industries (India) in the filing.

In another exchange filing in March 2024, Man Industries (India) reported that its wholly-owned subsidiary, Man Stainless Steel Tube Limited, commenced operation of its first ERW mill, situated in Anjar, Gujarat. The company said the mill has an installed capacity of 50,000 metric tonnes per annum.

Man Industries operates in the line pipe industry, focusing on the production of large diameter carbon steel SAW pipes. With specialisation in pipeline manufacturing, the company has executed projects for onshore, offshore and critical sour service applications. According to the company’s website, Man Industries (India) has supplied over 13,000 kilometres of pipes worldwide, adhering to international project standards across various applications.

Shares of Man Industries closed ₹394.5 apiece, up 2.67%, on the NSE