Anupam Rasayan rises after winning orders

Anupam Rasayan rose 0.95% to Rs 775.55 after the specialty chemical company received contracts worth Rs 540 crore from two renowned multinational companies dealing in the fields of life sciences chemicals.

The tenure of the contract is for five years where life sciences related specialty chemicals will be provided to them by Anupam Rasayan.

The two new contracts are from two different multinational companies, an existing customer and the other is a recently acquired customer. For both the customer, Anupam Rasayan was a part of their product development process from the start and when the multinational firm commercialised, the company received the order contract.

Speaking about the order, Anand Desai, MD of Anupam Rasayan said, "These new orders will bolster our growth prospects and allow us to diversify our product offering. Additionally, we will produce the materials needed for these two contracts in our current multipurpose facilities, which will aid in the ramp-up of newly constructed capacity. The recently completed capex are a significant step forward in our goal to further strengthen our global footprint. This expansion of our long-standing partnership with an established client and a newly acquired client demonstrates our team's expertise and consistent organisational excellence. This order adds on to the LOI of Rs 1100 cr that we received last month."

Anupam Rasayan India is one of the leading companies engaged in the custom synthesis (CSM) and manufacturing of specialty chemicals in India.

On a consolidated basis, the company reported a net profit of Rs 48.1 crore and revenue of Rs 539.22 crore in the nine months ended on 31 December 2020.

The scrip entered the stock exchanges on 24 March 2021. It was listed at Rs 534.70, a discount of 3.66% from its IPO price of Rs 555 per share. The IPO of Anupam Rasayan was subscribed 44.06 times. The issue opened for bidding on 12 March 2021 and closed on 16 March 2021.

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