Anupam Rasayan Stock Gains On Signing Rs 135-Crore Deal With Japanese Firm
Shares of Anupam Rasayan India Ltd. gained after the company signed a Rs 135-crore letter of intent with a Japanese multinational company for supplying a life sciences-related specialty chemical product.
The company will enter into a long-term contract with the Japanese firm for next four years to supply this product, it said in an exchange filing, without naming the overseas entity.
“This order will further strengthen our revenue and profitability visibility and showcases the quality of the product...,” Anand Desai, managing director at Anupam Rasayan, was quoted as saying in the filing.
Anupam Rasayan manufactures products for more than 66 domestic and international customers, including 24 multinational companies, in six facilities in Gujarat. It has two verticals — life science-related specialty chemicals comprising products related to agrochemicals, personal care and pharma; and specialty chemicals related to pigment, dyes and polymer additives.
Shares of the company rose as much as 7.5% around noon on Monday to Rs 791.70. Of the four analysts tracking the stock, two have a ‘buy’, and one each suggests a ‘hold’ and ‘sell’, according to Bloomberg data. The overall 12-month consensus price target implies a downside of 6.8%.
The scrip has exceeded the 50-day simple moving average, indicating potential upward price momentum.