Man Industries shares skyrocketed 7% after trading flat during the early trading hours on 28 December after the company announced successful testing of its pipes for safe hydrogen transport.

In its regulatory filing, the company said that the testing was conducted by a leading European research centre for hydrogen transport to ensure structural integrity and safety for the fuel.

The certification shields against the challenges faced by the small particle size of hydrogen gas that can filter through other materials more easily than other gases.

The company said that this accomplishment marks a significant milestone in addressing major issues faced in the shift to a hydrogen-based ecosystem that effectively delivers hydrogen gas to the point of consumption.

In October, the company secured Rs 400 crore orders from domestic customers for various types of pipes.

In its quarterly report for July-September, the company reported an 867% year-on-year increase in its net profit to Rs 39 crore for the quarter.

The company was founded in 1988 and is a manufacturer of large-diameter carbon steel pipes that are used in industries such as oil and gas, water, fertilisers, petrochemicals, and dredging.

At 3:30 pm, the shares of Man Industries closed 6.16% higher at Rs 269 on NSE.