Man Industries shares rally 7% after pipes are tested safe for hydrogen transport

This certification safeguards against challenges related to hydrogen’s small molecule size permeating materials more easily than other gases.

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The share price of Man Industries (India) zoomed 7 percent intraday on December 28 after the company announced successful testing of its pipes for safe hydrogen transport.

The testing has been conducted by a leading European research centre for hydrogen transport, ensuring structural integrity and safety for the fuel, the company said.

This certification safeguards against challenges related to hydrogen’s small molecule size permeating materials more easily than other gases, it added.

This accomplishment marks a critical milestone in addressing a major hurdle in the shift to a hydrogen-based ecosystem i.e. efficiently delivering hydrogen gas to the point of use.

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

During the quarter ended September 2023, Man Industries (India) recorded an 867 percent jump in its net profit at Rs 39 crore.

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