New Delhi: Due to weak global signals, the domestic stock market is showing a decline on Wednesday. Nifty has declined by 0.44 per cent and Sensex by 0.45 per cent. Smallcap indices have outperformed frontline indices. It is trading with a gain of 0.32 per cent. One stock in the smallcap segment has grabbed all the attention. We are talking about Man Industries India Ltd. It is one of the largest manufacturing and exporting companies of Large Diameter Carbon Steel Line Pipes in the country. They are used for high pressure transmission applications in the oil and gas industry, petrochemicals, water, dredging and fertilizers industry. The stock gained nearly two per cent on Wednesday and is trading near its 52-week high. Was. It is trading above all short and long term moving averages. All the moving averages are trending up and are showing bullish signals. The reason for the rise in the company’s stock is that the company has received orders worth about Rs 500 crore. The total order book of the company has reached around Rs 2,300 crore. This order shows the strong business of the company and the trust of the customers. The company is increasing its capex and foraying into the business of stainless steel and ERW pipes manufacturing.
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