Ashish Kacholia-owned small-cap stock, Man Industries, rose nearly 6% to a fresh high in the Indian stock market today, November 20, after signing a memorandum of understanding (MoU) with Saudi Aramco’s subsidiary.
Man Industries shares rose 5.8% to a record high of ₹472.30 on the BSE. As of 2.45 pm, the small-cap stock was trading 3.55% higher at ₹462.20.
Man Industries-Aramco Asia MoU details
The MoU between Man Industries and Aramco Asia, a subsidiary of Saudi Aramco, has been signed to explore the potential of establishing a state-of-the-art steel pipe manufacturing facility in the Kingdom of Saudi Arabia through Man Industries or its subsidiaries.
The MoU is effective immediately and will remain in force for a period of five years.
The companies plan to jointly develop advanced capabilities, technologies, and resources to support the energy, infrastructure, and industrial requirements of Saudi Arabia, the GCC, and the broader Middle East region.
“The MoU, signed on 19th November 2025, marks a significant milestone in strengthening energy sector cooperation between India and Saudi Arabia. It reflects the shared commitment of both organisations to enable long-term supply of its product range from Man Industries or its subsidiaries and to enhance local manufacturing capabilities within the Kingdom of Saudi Arabia,” the company said in a filing today.
Nikhil Mansukhani, Managing Director, MAN Industries (India) Limited, said, This MoU with Aramco Asia India is a testament to MAN’s proven global track record of over three decades in delivering high-quality line pipe solutions to the world’s most prestigious energy projects.
“We are excited about the opportunity to bring our manufacturing excellence and technical expertise to the Kingdom of Saudi Arabia.”
Man Industries share price trend
Small-cap stock Man Industries has delivered consistent returns over different time frames. The scrip has risen 41% in six months and 51% in a year.
Meanwhile, it has emerged as a multibagger stock on three and five-year time frames, rising 478% and 544%, respectively.
During the September quarter, Ashish Kacholia raised his stake in multibagger stock Man Industries to 3.04% from 2.03%. He held 2,277,029 shares of Man Industries in the recently concluded period.
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