Jubilant Ingrevia shares zoomed to their 52-week high in October 3 trade after its subsidiary inked pact with an agrochemical firm. The stock hit an year's high of Rs 831.70 per share on the NSE in today's session, rising over 7 percent.
In volume terms, over 33 lakh shares of the company were traded on the NSE till 10.50 am generating a total turnover of Rs 273.73 crore. The company's market capitalisation has jumped to Rs 13,065.83 crore.
The sharp uptick was witnessed after the company announced agreement with an agrochemical Company to produce an agro Intermediate for one of the key Agro actives of the customer.
The company in an exchange filing, said "the overall consideration will paid based on the revenue of around $300 million plus from supplies of the Agro intermediate to the Customer, over a period of next few years after commencement of production."
Jubilant Agro Sciences Limited (JASL) will invest in the manufacturing facility and supply the Agro Intermediate to the customer.
"The customer is a multibillion dollar company. JASL is a fully owned subsidiary of Jubilant Ingrevia Ltd, which has a revenue of $500 Million," the company said in a statement.
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