Aether Industries, a manufacturer of fine and specialty chemicals and active ingredients, as well as a preferred provider of Contract Research and Manufacturing Services (CRAMS), is a major gainer on the bourses today.
The stock price rose over 3.5% to hit an intraday high at Rs.937.75 on the back of a 2x rise in volumes. Its 52-week high is at Rs.1050.
The stock price rose on news that the company has entered into a contract with Saudi Aramco Technologies on Thursday to manufacture and commercialize the converge polyols technology and product line. No financial details of this contract are divulged.
The company said, “The Letter of Intent captures the preliminary terms regarding the finalization of a detailed licensing agreement towards the manufacturing and commercialization at Aether of the Converge polyols technology and product series, the manufacturing process for which has been previously jointly developed and validated at commercial scale by Aramco and Aether.”