Stock of this speciality chemical nearly doubled in less than 3 months

Shares of Anupam Rasayan hit all-time high of Rs 1,131 in intra-day trade today, zoomed 98% from level of Rs 570 on February 3, 2023.

Shares of Anupam Rasayan India (ARIL) hit an all-time high of Rs 1,131, as they surged 5 per cent on the BSE in Tuesday's intra-day trade after the company said it signed a Letter of Intent (LOI) worth $46 million (Rs 380 crore) with a leading American multinational.

The stock of the custom synthesis & speciality chemical company surpassed its previous high of Rs 1,106, touched on February 2, 2022. The company made its stock market debut on March 24, 2021. The company had garnered Rs 760 crore via the public offering, and had issued shares at Rs 555 per share.

Since February 3, 2023, in less than three months, the market price of ARIL has nearly doubled or zoomed 98 per cent on expectations of strong and sustainable growth in the coming quarters and years.

ARIL, today announced that it has signed a LOI worth revenue of $46 million (Rs 380 crore) with one of the leading American multinational company to supply new age specialty chemical advance intermediate for the next 5 years. This product will be manufactured in the company’s upcoming multipurpose manufacturing facilities.

On April 13, ARIL signed LOI worth revenue of $182 million (Rs 1,500 crore) for next 7 years with one of the leading Japanese multinational to manufacture and supply three high value speciality chemicals.

Earlier, on March 23, 2023, ARIL signed LOI worth revenue of $120 million (Rs 984 crore) for the next 6 years with one of the leading Japanese Chemical company to supply new age advance intermediate for life science active ingredient. This product will be manufactured in the company’s existing as well as upcoming multipurpose manufacturing facilities.

The speciality chemicals major has two verticals: Life science related Specialty Chemicals comprising products related to Agrochemicals, Personal Care and Pharmaceuticals, Other Specialty Chemicals comprising Specialty Pigment and Dyes, and Polymer Additives.

Overall, strong pipeline of products, availability of the capacity, advanced stage discussion with various clients along with capex which is moving ahead of the plan makes the management confident of delivering strong and sustainable growth in coming quarters and years, the management had said.