Anupam Rasayan India’s shares increased 6% to Rs. 1,150 on Wednesday, commanding a total market value of Rs. 12,000 crore.
Wednesday morning, shares of Anupam Rasayan India went up 6% after the company signed a letter of intent (LoI) with a major Japanese industrial chemical company. The company told the exchange about this on Tuesday, after the market had closed.
In a press release, the company said that the specialty chemical player Anupam Rasayan had signed a letter of intent (LoI) with one of the top Japanese specialty chemical companies for a deal worth $265 million (Rs 2,186 crores) over the next five years. The deal is to supply new patented life science active ingredients.
During the next 18 months, the product will be put through its validation process, and starting in CY2025, production will begin. This product will be made in our current facilities that can be used for a variety of things,” it said.
After the news came out, shares of Anupam Rasayan India went up by 6%, to Rs 1,150, before giving up some of their gains. The total value of the company on the market was Rs 12,000 crore. On Tuesday, the price of the scrip was Rs 1,086.05.
Anupam Rasayan’s shares have gone up 110% since their 52-week low of Rs 547 a year ago. So far in 2023, the stock has gone up by about 65%. From its price of Rs 555 when it was first sold in March 2021, the stock has given a return of more than 100%.
Anupam Rasayan India has been in business since 1984. It makes specialty chemicals and does custom synthesis (CSM). It has two different types of products: life science specialty chemicals, which include products for agrochemicals, personal care, and medicines, and other specialty chemicals, which include specialty pigments, dyes, and polymer additives.
The stock could go up more, according to domestic brokerage firms. KR Choksey gave it a “buy” rating and a goal price of Rs 1,326, which means it could go up 22% from the last close. In a report that came out in May 2023, Nuvama Institutional Equities also said to buy the counter and set a price goal of Rs 1,378.