Man Industries slides after New Acquisition in US

Man Industries India declined 3.91% to Rs 94.50 at 9:57 IST on BSE after the company said on Friday, 14 March 2008, it will invest $100 million in a new manufacturing facility in US.

The company made this announcement after trading hours on Friday, 14 March 2008.

The stock hit a high of Rs 96 and a low of Rs 94.50 so far during the day. The stock had a 52-week high of Rs 177 on 2 January 2008 and a 52-week low of Rs 85.65 on 23 March 2007.

The company’s current equity is Rs 26.64 crore. Face value per share is Rs 5.

The current price of Rs 94.50 discounts its Q3 December 2007 annualized EPS of Rs 15.56, by a PE multiple of 6.07.

Man Industries India’s net profit rose 25.9% to Rs 20.73 crore on 28.7% growth in net sales to Rs 401.23 crore in Q3 December 2007 over Q3 December 2006.

Man Industries' proposed US unit will have a capability of producing three lakh tonnes of helical submerged arc welded (HSAW) pipes annually. These pipes will be used primarily in the petroleum industry.

The company makes oil and gas pipelines.