Shares of Shish Industries Limited (SIL) skyrocketed 20% and hit a 52-week high of Rs 172.05 on 23 April after the company announced signing a 5-year trade agreement with an organisation in the USA.

In its regulatory filing, the company said that it has signed a major long-term commercial trade deal with the USA-based Best Construction Products Inc (BCP) to supply various products agreed upon that are crucial for construction purposes for a total consideration of Rs 312 crore ($37.5 million).

Both companies have agreed upon dynamic pricing based on actual freight costs, quality control, raw material prices, and other factors. The agreement also specifies BCP’s annual minimum commitment purchase and SIL’s payment of 3% as an advance deposit in the event of any shortfall.

In its quarterly report for January-March, the company reported a 31.3% year-on-year increase in its net profit to Rs 3.06 crore during the quarter from Rs 2.33 crore reported in the same quarter last year.

Revenue from operations during the quarter stood at Rs 23.33 crore, a 24.6% YoY increase from Rs 18.72 crore reported in the same quarter of the previous fiscal year.

Shish Industries Limited was established in 2021 and is principally involved in producing, distributing, and retailing Polypropylene (PP) sheets and rolls. The company makes and sells tarpaulin, PP/PE woven fabric, FIBC bags, PP/PE corrugated sheets, and shipping packaging supplies.

At 3:30 pm, the shares of Shish Industries closed 10.36% higher at Rs 158.25 on BSE.