Man Stainless Steel Tube Ltd announces commencement of its first ERW mill operation

Man Industries (India) Limited (MIIL), India's leading steel line pipe provider for the oil and gas and water distribution sectors has announced the operations of its ERW Mill under Man Stainless Steel Tubes Limited (MSSTL) at Anjar in Gujarat, with an installed capacity of 50,000 metric tons per annum.

Said Nikhil Mansukhani, Managing Director, MIIL, "The added capacity at Anjar aligns with our medium- to long-term growth plans and our progressive market outlook. Our Stainless-Steel Seamless tube and other future capex projects are right on track."

"The facility renders MSSTL eligible for a concessional income tax rate of 15% till perpetuity. Additionally, progress continues as planned for the company's Stainless Steel Seamless Tube and other upcoming capital expenditure projects," Mr. Mansukhani added.

MIIL is having a healthy order book of over Rs 2,000 crores from overseas and domestic projects. Further the company is happy to share that, now it is an ESG compliant company, reaffirming its commitment to environmental, social, and governance principles. The Credit rating for the company is A/Stable by CRISIL.

Shares of Man Industries (India) Limited was last trading in BSE at Rs. 360.30 as compared to the previous close of Rs. 365.00. The total number of shares traded during the day was 31270 in over 229 trades.

The stock hit an intraday high of Rs. 371.85 and intraday low of 356.50. The net turnover during the day was Rs. 11330341.00.

Source : Equity Bulls

Keywords

ManIndustriesIndia INE993A01026 ERWMill ManStainlessSteelTubes Anjar