Anupam Rasayan, a manufacturer of custom synthesis & speciality chemical players, has signed a Letter of Intent (LOI) worth $95 million (Rs. 700 crores as per the current exchange rate) with one of the top ten multinational crop protection company for supplying a new life science related active ingredient.
The company will enter into a long-term contract to supply this life science related speciality chemical product for the next five years. This new molecule is in addition to the existing product portfolio with this customer.
The company said that in FY22 till date, it has signed LOIs worth Rs.1,800 crores and contracts worth Rs.820 crores; taking the total contracts/LOIs signed in this financial year to Rs.2,620 crores. These orders demonstrate firm revenue visibility for growth in the coming years through the commercialisation of new molecules.
The speciality chemicals major is manufacturing products for over 66 domestic and international customers, including 23 multinational companies.
The stock price has reacted positively to this news, the price rising almost 3% to an intraday high at Rs.1060.95. Its 52-week is at Rs.1087.95.