Shares of Anupam Rasayan surged over 3% in early trade on Wednesday.
What Happened: The surge comes as the company announced bagging a massive contract with a foreign entity. The speciality chemical company said in a press release that it has signed a letter of intent for the next five years with a Japanese speciality chemical company.
The $265 million (₹2,186 crore) contract will see the company supply a new-age patented life science active ingredient. The company said the product will be in the validation phase for the next 18 months and upon successful validation, the supply will commence in 2025. The product will be manufactured in the company’s existing multipurpose manufacturing facilities.
The company did not disclose the name of the customer as it said it has signed a non-disclosure agreement with the Japanese client. Talking about the contract, the company’s Managing Director, Anand Desai, said, “With the addition of this new customer, we are delighted to include another renowned Japanese multinational in our customer portfolio.”
Price Action: Anupam Rasayan’s share price was up 3.64% to trade at ₹1,125 as the markets opened on Wednesday.
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