Aether Industries zooms 7% to hit 52-week high

The stock gained after signing of a deal with Saudi Aramco Tech that formally initiates Aether’s towards the manufacturing and commercialisation of the converge polyols technology

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Aether Industries share price rose 7 percent in early trade and touched a 52-week high of Rs 1,055.95 on BSE on June 9 after the chemicals company inked a licence agreement with Saudi Aramco Technologies Company.

The agreement formally initiates Aether’s activities towards the manufacturing and commercialisation of the converge polyols technology and product series, the manufacturing process for which has been previously jointly developed and validated at pre-commercial scale by Aramco and Aether.

“We are excited to partner with Saudi Aramco Technologies Company to take the next step forward furthering commercialization of converge polyols. After working for several years collaboratively towards the development of the manufacturing technology for the Converge platform, we are happy to be chosen to commercialize the converge polyols,” Aman Desai, promoter and director, Aether Industries, said.

“The Converge platform represents a novel and cutting-edge technology for the manufacture of more sustainable polyols that could contain up to 40 percent by weight carbon dioxide,” he added.

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The company on June 7, signed a Letter of Intent (LoI) with one of the top 3 leading global oil field services companies based in the US towards the finalisation of a strategic supplier and contract manufacturing partnership.

At 9.26 am, Aether Industries was quoting at Rs 1,036.15, up Rs 54.15, or 5.51 percent, on the BSE.