Man Industries (India) Ltd shares rose on Thursday after the company announced it had signed a Memorandum of Understanding (MoU) with Aramco Asia India Pvt. Ltd. to explore a long-term supply arrangement and assess the potential for a manufacturing presence in Saudi Arabia.
The MoU, signed on November 19, is effective immediately and will remain in force for five years.
According to the press release, the two companies will evaluate the establishment of a state-of-the-art steel pipe manufacturing facility in the Kingdom of Saudi Arabia through Man Industries or its subsidiaries.
The agreement also covers joint development of advanced technologies and capabilities to support energy, infrastructure and industrial requirements across Saudi Arabia, the GCC and the broader Middle East.
Man Industries said the partnership underscores its global track record in supplying API-grade large-diameter carbon steel pipes to major energy projects. The company currently exports to more than 30 countries and operates manufacturing facilities in India.
Shares of Man Industries jumped 6% to an intraday high of ₹472.40 following the announcement. As of 2:49 PM, the stock was trading at ₹462.50 on the NSE, up 3.47%.
First Published: Nov 20, 2025 2:59 PM IST