Manali Petrochemicals shares surged over 9 per cent on Wednesday as the Chennai-based company received approval from the Tamil Nadu Pollution Control Board (TNPCB) to operate its plants at higher capacity.
"The consent of TNPCB for operating the plants at higher capacity has been received and hence the utilization of the plants is being restored to the earlier levels," Manali Petrochemicals said in a release to Bombay Stock Exchange.
Higher capacity utilisation will lead to increased production and revenue, traders said.
Manali Petrochemicals will report its earnings for the April -June quarter on August 4.
Manali Petrochemicals shares closed 4.75 per cent higher at Rs 35.30 apiece compared to 0.17 per cent gain in the broader Sensex.
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