Aether Industries surged 4.21% to Rs 932.75 after the company announced the signing of a strategic supply agreement with Baker Hughes for an initial term is 5 years, extendable by 3 additional one year terms and thereafter extendable on yearly basis.
A total of 6 products are included in the strategic supply agreement (SSA) for contract manufacturing by Aether Industries for Baker Hughes.
All 6 products will be manufactured by Aether Industries for the first time in India and will be supplied to the global locations of Baker Hughes, with a significant supply dedicated for Indian domestic oil and gas applications.
Most products will be manufactured by Aether Industries 100% wholly owned subsidiary, Aether Speciality Chemicals Limited, wherein the required assets, plants, and machineries have already been installed for the contract manufacturing of said products.
The SSA cements Aether Industries relationship as a strategic contract manufacturing partner for Baker Hughes and paves the way for a much deeper association and business relationship between the two companies, the Surat-based company said in a statement.
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Aether Industries is engaged in the business of specialty chemicals and intermediates. The products of the company find application in various sectors like pharmaceuticals, agrochemicals, specialty, electronic chemicals, material sciences and high performance photography etc.
The company reported a consolidated net loss of Rs 1.43 crore in the quarter ended March 2024 as against net profit of Rs 37.56 crore during the previous quarter ended March 2023. Sales declined 36.05% to Rs 117.53 crore in Q4 FY24 as compared with Q4 FY23.
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