Anupam Rasayan up 4% on pact with Japanese multinational

It has signed a Rs 1,500-crore deal for the next seven years with a ‘leading Japanese firm’ to manufacture three ‘high-value molecules , Anupam Rasayan has said

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Shares of Anupam Rasayan surged around four percent on April 13 morning after the chemical manufacturer said it signed a pact with a Japanese multinational to make and supply “three high-value” speciality chemicals.

The custom synthesis and speciality chemical player signed a letter of intent worth revenue of $182 million (Rs 1,500 crore) for the next seven years with one of the leading Japanese multinationals to manufacture and supply three high-value speciality chemicals, Anupam Rasayan said in a regulatory filing.

With this pact, Anupam Rasayan added another marquee name to its customer base in a short span and the three molecules will be used as advance intermediates for highly specialised polymers and liquid crystals, it said.

“We will be the exclusive supplier for these molecules out of India and this is in line with our strategy of expansion in fluoropolymer and electronic segments, manufacturing high-value molecules and going up the value chain with the support of our customers,” Managing Director Anand Desai said.

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The speciality chemicals major has two verticals: life sciences-related specialty chemicals such as those used in agrochemical, personal care and pharmaceutical industries. Other specialty chemicals comprise special pigments and dyes and polymer additives.

At 11.24 am, Anupam Rasayan was trading 3.1 percent higher at Rs 978.55 on the BSE. The stock has gained 71 percent since February 2023.

The market buzz is that high networth individuals and a Middle East long-only fund are lapping up shares of the firm expecting better profitability.

The company’s margin has taken a knock in the past couple of quarters due to an inventory pile-up, which led to stretched working capital. Raw materials had piled up because the firm expected to secure an export order, which it did not get. Now that the high-cost inventory has been utilised, the pressure on margin is expected to ease, a dealer said on condition of anonymity.

Unlike the other chemical companies, Anupam Rasayan is benefitting from the European energy crisis as it has signed two new contracts worth Rs 1,000 million with a European agrochemical company, said KRChoksey Shares & Securities.

“The company is witnessing a change in the trend as Indian chemical players are being selected as preferred manufacturing partners for strategic products presently being manufactured in Europe,” it said.

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