Shares of GMM Pfaudler, which makes corrosion-resistant glass-lined equipment, surged 13% in early trade on July 29 after the company said it posted record revenue growth in the April-June 2022 quarter.

The shares were trading at Rs 1,551.60 per share on the BSE on very heavy volume at 9.24 am, up 15.5%, while the benchmark Sensex was up 550.71 points, or 0.97%, at 57,408.50.

On July 28, the company reported a 34% increase in revenue in the first quarter of FY23 due to strong execution. EBITDA margin was 13.2%, 672 basis points higher than the prior year. Orders also rose 24%, driven by international business. Order backlog rose 27% to Rs 2,182 crore, GMM Pfaudler said.

The company also announced approval to acquire a 100% stake in Hydro Air Research Italia S.r.l. (HARI), headquartered in Milan, Italy, for a total consideration of €4.96 million (Rs 38.24 crore). It designs and manufactures advanced separation systems (skid mounted and/or turnkey plants) for process applications. The transaction will be funded through internal accruals and is expected to close in August 2022.