Anupam Rasayan India stock price jumped over 2 percent in the morning trade on March 23 after the chemical maker said it signed a letter of intent (LoI) worth $120 million (Rs 984 crore) for the next six years with a 'leading Japanese company' to supply new-age advance intermediate for life science active ingredient.
"This product will be manufactured in our existing as well as upcoming multipurpose manufacturing facilities," the custom synthesis and speciality chemical firm said in an exchange filing.
“We are excited to announce that we will be the primary supplier globally for this new-age high-value advance intermediate to the Japanese customer. We are happy to add yet another marquee Japanese multinational in our customer portfolio," managing director Anand Desai said.
"Sales realisation for this molecule will be one of the highest for the company. This molecule is based on fluorination chemistry, which further validates our strategy of expansion in fluorination," he added.
The chemicals firm on March 22 also signed a memorandum of understanding (MoU) with the Gujarat government to invest Rs 670 crore to set up three new plants.
The plants would come up at Jhagadia in Bharuch district and Sachin near Surat and would be commissioned by 2025. These would focus on manufacturing fluorochemicals to service the demands of existing and potential clients in the agrochemical, polymers and pharma sectors in the US, Europe and Japan, it said.
At 11.57 am, Anupam Rasayan India was quoting at Rs 841.55, up Rs 13.45, or 1.62 percent, on BSE.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
