Anupam Rasayan shares jump up to 7% in early trade; here is why
Stock market today: As of 9:38 am, shares of Anupam Rasayan traded 2.97 per cent, or Rs 26.25, higher, at Rs 910 apiece on the BSE. The market capitalisation of the company at around the same time stood at Rs 9,990.52 crore.
Stock market today: Shares of Anupam Rasayan India jumped as much as 6.93 per cent to Rs 945.05 apiece on the BSE on Wednesday, April 3. The stock rallied after the company signed a letter of intent (LOI) with a prominent Japanese multinational worth Rs 743 crore.
As of 9:38 a.m., shares of Anupam Rasayan traded 2.97 per cent or Rs 26.25 higher, at Rs 910 apiece on the BSE. The market capitalisation of the company at around the same time stood at Rs 9,990.52 crore. The stock closed 1.61 per cent higher at Rs 898 apiece on BSE.
"Anupam Rasayan, one of India’s leading customs synthesis and specialty chemical players, has signed a Letter of Intent worth revenue of ~$90 million (Rs 743 crore)," the filing read.
The company further said that Anupam Rasayan will supply two advanced intermediates using fluorination chemistry over the next seven years with one of the leading Japanese companies.
"We are pleased to announce the signing of a Letter of Intent (LOI) with one of the largest Japanese players in fluorochemicals. Anupam will be the first company in India to manufacture these key molecules within the country, with applications in both pharmaceutical and engineering fluids. The signing of the LOI also marks the addition of this new marquee customer," said Anand Desai, Managing Director of Anupam Rasayan.
Desai added that this LOI expands and diversifies the company's customer base and solidifies its position in the Japanese markets for supplying specialised molecules to global majors.
For the quarter ended on December 31, the company recorded a net profit of Rs 26 crore against Rs 54.43 crore logged a year ago. The company's revenue was recorded at Rs 295.5 crore, and earnings before interest, tax, depreciation, and amortisation (EBITDA) stood at Rs 79 crore.
Anupam Rasayan India share price performance
In a year, the company's shares have gained over 8 per cent against Nifty50's rise of over 28 per cent.
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