Man Industries is also undertaking capital expenditure to further widen its product offerings by entering manufacturing of stainless steel and ERW pipes.
Surya Roshni, a leading brand in lighting and steel pipe products, today said it is investing Rs 50 crore in R&D for LED products in two years.
Total income of the firm fell by 39 percent to Rs 1,076.98 crore in the quarter under review this fiscal from Rs 1,777.43 crore during the same period in 2014-15.
In a BSE filing, the firm said its Board in a meeting today approved the constitution of a Reorganisation Committee to "explore and evaluate various options for restructuring of the company and its direct and indirect wholly owned subsidiaries".
The United States piled another layer of preliminary duties on Thursday on a certain type of steel pipe from India, one month after New Delhi complained at the World Trade Organization about an earlier US round.
The US Commerce Department on Tuesday set a preliminary import duty of nearly 286% on a certain type of steel pipe from India to offset government subsidies and a duty of slightly more than 8% on the same product from Vietnam.
Welspun Corp Thursday said it has won pipe orders worth Rs 1,182 crore largely from international clients.