Anupam Rasayan opened 4% higher today at Rs.1129.75 and went on further by 6% to hit an intraday high at Rs.1150 and remains firmly in the green.
The stock price rose after the company said that it has entered into a nonbinding agreement with a leading Japanese specialty chemical for supply of patented active ingredient.
This Letter of Intent (LoI) is worth revenue of $265 million or Rs.2186 crore for the next five years.
The product will be in validation phase for the next eighteen months and upon the successful validation, the supply will commence from CY2025.
This product will be manufactured in our existing multipurpose manufacturing facilities.