Anupam Rasayan (NSE, BSE: ANURAS), one of India's leading custom synthesis & speciality chemical players, has signed a Letter of Intent (LOI) worth $95 million (₹ 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.
Speaking about the letter, Anand Desai, Managing Director of Anupam Rasayan, said, "We are very pleased to announce that this LOI is in line with our strategy of value re-engineering to manufacture high-value products for medium to large volumes and with the supply spanning over five years shows the confidence customers are reposing in Anupam Rasayan's multifaceted capability and this LOI further expands our high-value product portfolio with major global players.
This is one more feather in Anupam's cap as in this financial year till date we have signed LOIs worth ₹ 1,800 crores and contracts worth ₹ 820 crores; taking the total contracts/LOIs signed in this financial year to ₹ 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 company has a long history of high customer retention and have been manufacturing products for select customers for over a decade. The company caters to a diverse base of Indian and global customers.
Shares of Anupam Rasayan India Limited was last trading in BSE at Rs. 1025.75 as compared to the previous close of Rs. 1021.20. The total number of shares traded during the day was 8168 in over 1238 trades.
The stock hit an intraday high of Rs. 1050.95 and intraday low of 1016.45. The net turnover during the day was Rs. 8432612.00.