Anupam Rasayan, which had closed at Rs.737.95 on Friday, opened almost 1% lower at Rs.732 and went on to hit an intraday high at Rs.791.70, up almost 7.5%. Its 52-week high is at Rs.849.70.
The stock price reacted upwards when news came in that the company has signed a Letter of Intent (LoI), worth Rs.135 crore with a Japanese multinational chemical company.
This is for supplying a life sciences-related speciality chemical product; the contract is for the next four years.
The stock had got listed in March’21 at a discounted price of Rs.535 v/s IPO price of Rs.555 and today it is obviously trading at a much higher price.