Man Ind gets 11 bln-rupee orders, plans US pipe plant

MUMBAI (Reuters) - Steel pipemaker Man Industries Ltd said on Thursday it has received orders worth 11 billion rupees in the current quarter for spirally-welded pipes.

The order, to be completed in 9-12 months, includes supplying around 225,000 tonnes pipes to domestic and overseas clients.

The company's total order book now stands at 15 billion rupees, with exports accounting for over 26 percent.

"We are putting in a lot of bids. We expect a fairly reasonable orderbook by the end of this year," K.G. Mantri, senior vice president of corporate affairs, told Reuters.

A drop in steel prices and shipping freight rates will have a positive impact in the company's bottomline and margin in coming months, he said.

The Baltic Exchange's chief sea freight index for global raw materials trade has fallen more than 6 percent to a 20-month low, hurt by troubled financial markets, weaker commodity prices and concerns over Asian demand.

Shares in the company, which jumped over 15 percent on the news, were trading at 63.70 rupees, up 13.65 percent from the previous close.

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