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Talbros Automotive Components Ltd. shares surged over 6 percent in opening trade on Friday after the company announced that it has bagged new multi-year orders worth Rs 420 crore.

The order also included a supply contract from a leading original equipment maker (OEM) for electric vehicles worth Rs 160 crore.

The company has received new orders from both domestic and foreign customers across its business segments and joint ventures.

Talbros highlighted that the new orders will help it to increase the share with existing customers and new customers across geographies, boosting its growth and market share in the coming years.

The orders would be executed over the next five years covering the company's product lines – gaskets, heat shields, forgings and chassis.

The company said that it has bagged orders from new customers for multiple auto parts for multiple applications while orders from new OEM customers in the non-automotive segment are for export markets.

The orders span across new technologies such has heat shields for which the company has secured new customers within the domestic PV segment and the export market.

Talbros, together with its JV alliances, has 11 manufacturing facilities in Haryana, Uttarakhand, and Maharashtra along with one materials division in Gurgaon and an R&D technology centre at Faridabad.

The company mentioned Bajaj Auto, Volvo Eicher India, Ashok Leyland, Escorts Group, Hero MotoCorp, Mahindra & Mahindra, Maruti Suzuki, and Tata Motors among its customers.

For the September quarter, Talbros delivered its highest-ever quarterly sales of Rs 162 crore, registering a 12 percent year-on-year growth.

Shares of Talbros Automotive Components are trading 5.8 percent higher at Rs 489.85.