Shares of midcap firm Anupam Rasayan India (ARIL) rallied 96% in less than three months, with the stock price surging from ₹577 on February 3, 2023, to ₹1,131 intraday today. The shares of speciality chemical company touched a fresh all-time high today on the back of sustained rally in the recent past, surpassing its previous high of ₹1,106, touched on February 2, 2022. The stock has been rising for the last five sessions and gained as much as 11.5% during the same period.
On Tuesday, Anupam Rasayan shares opened marginally higher at ₹1,078.95 against the previous closing price of ₹1,075.85 on the BSE. Extending opening gains, the stock jumped 5.1% to hit a new record high of ₹1,131 in intraday trade, while the market capitalisation climbed to ₹12,035 crore. The stock has rebounded 106% from its 52-week low of ₹547.10 touched on June 20, 2022. In the calendar year 2023, the counter gained 61%, while it added 35% in a month. In the last one year, it has given 33% returns to its shareholders, whereas it soared 44% in the six-month period.
Anupam Rasayan, which made its debut on stock exchanges in March 2021, currently trades 104% higher than its initial public offering (IPO) price of ₹555.
The stock price got a boost today after the company informed the exchanges that it has signed a letter of intent worth revenue of $46 million (₹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 its upcoming multipurpose manufacturing facilities. The synthesis & speciality chemical player, however, did not disclose the name of the company and other details.
Anand Desai, managing director of Anupam Rasayan, says, “We are delighted to announce that we have established a new relationship with an American MNC customer by signing a long-term LOI to supply a niche fluorinated molecule on an exclusive basis. This molecule is an advanced intermediate to be used as a key building block for manufacturing high-end engineering fluids and also in active pharmaceutical ingredients, this product development further demonstrates our prowess in developing and manufacturing complex fluorinated products.”
Desai further said the deal is a major step towards expanding its geographic presence in the U.S. “With this LOI, we expect our share of revenues from the US to increase significantly in the coming years. Additionally, this reflects the confidence shown by these MNCs in our technical capabilities and in being able to execute a strong supply chain mechanism.”
“This product is being manufactured for the first time in India and aligns well with the Government of India’s Make in India campaign,” he adds.
Formed in 1984, the company is one of the leading players in the custom synthesis (CSM) and manufacturing of specialty chemicals in India. It has two verticals - life science related specialty chemicals comprising products related to agrochemicals, personal care and pharmaceuticals, and other specialty chemicals comprising specialty pigment and dyes, and polymer additives. The company operates via its six manufacturing facilities in Gujarat, India, with four facilities located at Sachin, Surat and two located at Jhaghadia, Bharuch with an aggregate installed capacity of about 27,000 MT as of December 31, 2022.
