Anupam Rasayan Wins Order From Japanese Company, Shares Gain
The order will fetch Rs 743 crore in revenue for the company.
Shares of Anupam Rasayan India Ltd. rose over 6% on Wednesday after it won an order from a multinational Japanese company to supply advance intermediates.
The company will be supplying two advanced intermediates using fluorination chemistry for seven years to the Japanese company. This will fetch Rs 743 crore in revenue for Anupam Rasayan, according to an exchange filing.
The company did not reveal the name of the Japanese multinational company in the filing.
Shares of the company rose as much as 6.50% to its highest level since March 12. It pared gains to trade 2.67% higher at 10:36 a.m., compared to flat a NSE Nifty 50.
The stock has risen 7.85% in past 12 months. Total traded volume so far in the day stood at 43 times its 30-day average. The relative strength index was at 51.1.
Of the 11 analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold', and six suggest a 'sell', according to Bloomberg data. The average 12-month analysts' price target implies a downside of 11.0%.
