Shares of AIA Engineering surged more than 10% to hit a new 52-week high of Rs 2,644 after a good first-quarter result.

According to the company’s press release to BSE on Tuesday, the company’s consolidated net profit rose 28.4% to Rs 191.47 crore in the quarter ended June 2022, compared to Rs 149.1 crore in the same period last year. Total revenue rose 41.2% year-on-year to Rs 1,100.33 crore.

The stock was trading at Rs 2,635 at 10.55 am, up 10% in an otherwise flat market. Over-the-counter volume was around 13,000 shares, compared with the BSE’s two-week average of around 2,800 shares.

The stock has risen nearly 27% over the past eight weeks, compared with the benchmark’s 14.5% gain. Additionally, the stock has surged nearly 79% from its early March 2022 low.

Commenting on a business update, the company said that through engagement with customers, it managed coronavirus-related supply chain disruptions regarding raw material pricing, customer demand and transportation costs. Shipping costs remain high, but we remain optimistic about freight rates normalizing over the next few quarters as port closures, port restrictions on container clearance and vessels, and container supply get better and in sync with demand.

The release added that the company is focused on improving its offerings to mining customers, particularly in gold and copper, and wants to continue converting forged grinding media to high-chromium alloys.

In addition, the company estimates a capital expenditure of Rs 300 crore in FY23, which includes mill lining projects, grinding media expansion projects and hybrid wind and solar power projects.

The company has a total order book of Rs 700 crore as of July 1, 2022.