Shares of Time Technoplast surged 19% to Rs 99.60 on the BSE in intraday trade on Tuesday after the company announced it had won another Rs 75 crore order from Adani Total Gas.

“The company has received a reputed repeat order from Adani Total Gas for the supply of CNG cascades made of Type IV composite cylinders with a total value of Rs 75 crore,” Time Technoplast said in an exchange filing. It added Deliveries of these cascades will begin in January 2023, the company said.

The stock was up 8% at Rs 90.50 at 10:40 am, while the S&P BSE Sensex fell 0.13%. The average off-exchange volume on the NSE and BSE jumped more than fourfold, with a combined 4.92 million shares changing hands.

Time Technoplast is a multinational company and one of the leading manufacturers of technical polymer and composite products.

In the first half (April-September) of the 2022-23 financial year (H1FY23), the company posted a healthy 18% revenue growth to Rs 196.9 crore. Profit after tax rose 19.5% year-on-year to Rs 942 crore. However, Ebitda’s margin contracted 80 bps to 13.1% from 13.9% in H1FY22.

According to management, the company’s top priority is strengthening the revenue share of value-added products. The value-added Products segment grew 28% year-over-year. However, margins were slightly impacted by prevailing geopolitical scenarios and a challenging macroeconomic environment. Despite the difficult global situation, management remains cautiously optimistic about the company’s future performance due to solid demand for our value-added products.