Shares of Ganesha Ecosphere rallied more than 6% on 4 September after the company’s wholly-owned subsidiary secured a supply order for Coca-Cola India.

Ganesha Ecopet, a wholly owned subsidiary of the company, has secured an order to supply rPET resin (packaging material) to Coca-Cola’s preform converters in India.

In August, the company bagged another order from Moon Beverages for the supply of recycled resin-PET chips that are used in food-grade packaging.

During the April-June quarter, the company recorded a 21% YoY decline in its operating revenue, which adversely affected the net profit that saw a 42.7% YoY decline.

The company saw a reduction in export demand within the Europe and US segments during May and June while facing pricing pressure on domestic supply due to cheap Chinese dumping.

However, the management did highlight the recovery in the recycled polyester staple fibre market, which has improved since with new orders flowing in.

The company also expects the domestic demand to pick up pace during Q2 on the arrival of the festival season and hopes for a better performance.

At 3:30 p.m., the shares of Ganesha Ecosphere closed at Rs 1,092 or 3.79% above its previous close on NSE.