India Max Investment Fund picked 0.54% approx. 1% stake in Man Industries (India), a leading manufacturer and exporter of large diameter carbon steel line pipes, for Rs 18.6 million on Wednesday. India Max Investment Fund bought 309,821 shares at a price of Rs 60.02 a share.

Recently, the company has reported a sharp increase of 38.60% in net profit to Rs 31.6 million for quarter ended Jun. 30, 2014. Net sales for the quarter has grown 37.82% to Rs 2,309.9 million.

Shares of the company gained Rs 6.3, or 11.16%, to settle at Rs 62.75. The total volume of shares traded was 188,800 at the BSE (Wednesday).