Shares of leading carbon black producer and exporter PCBL Ltd. jumped more than 9 percent to hit a 52-week high of Rs 178.25 on Tuesday after the company announced completing the first phase of the specialty chemicals capacity expansion at Mundra.

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The initial capacity commissioned is 20,000 metric tonnes per annum (MTPA) and PCBL will have a specialty chemicals production capacity of 40,000 MTPA at its Mundra plant after the completion of the expansion programme.

PCBL will cater to demand from existing customers and also tap new opportunities by utilising the increased capacity.

The company stated that it has reaffirmed its commitment to strengthening its position as a trusted global player, with critical focus on specialty chemicals.

Earlier this month, credit rating agency CRISIL assigned a 'AA' rating to PCBL's long-term and short-term bank facilities with a stable outlook, suggesting a very strong degree of safety regarding timely payment of financial obligations.

An RP Sanjiv Goenka Group company, PCBL in April had commenced commercial production at its Rs 800-crore carbon black project in Tamil Nadu.

It has been raising its speciality carbon black items in the total product mix to improve profitability.

Shares of PCBL are trading 4.7 percent higher at Rs 170.80. The stock has surged nearly 30 percent year-to-date.