Shares of Aarti Industries Ltd surged over 8.5% on Thursday after the chemicals company signed a Rs 6,000 crore long-term contract with a multinational conglomerate for the supply of a niche speciality chemical.

Aarti Industries’ shares hit an intraday high of Rs 633.50, up 8.65% from its previous closing price on the National Stock Exchange (NSE). At 12:40 pm, the stock was trading 5.27% higher at Rs 863.90. 

The speciality chemicals company announced in an exchange filing on January 18 that it has signed a long-term agreement worth over Rs 6,000 crore with a multinational conglomerate for the supply of a niche speciality chemical for a period of four years. However, Aarti Industries did not disclose the conglomerate’s name.

Earlier last month, Aarti Industries signed a long-term, nine-year contract with a global agrochem company with a revenue potential worth over Rs 3,000 crore.

Aarti Industries has signed three such long-term contracts between 2017 and 2019. Still, brokerage firms and media houses say that the company has yet to realise any material revenue from any of these contracts and has not yielded the desired results.