Aether Industries jumps on executing supply and sales agreement with Otsuka Chemical Company
Today, the stock opened at Rs 890 and touched a high and low of Rs. 905.60 and Rs 871.85 respectively.
Execution of sales agreement
Aether Industries executed a long-term Supply and Sales Agreement on March 3, 2023, with Otsuka Chemical Company, Japan, along with Chori Company, Japan (being the Agent of Otsuka Chemical Company).
The Agreement is executed for the supply and sale of specific existing speciality intermediates of Aether Industries to Otsuka Chemical Co., Japan. The Agreement is for supply and sales by Aether Industries to Otsuka Chemical Co., Japan for a period of 10 years, which will be enhanced for a further period (after 10 years) with mutual consent of both parties to the Agreement.
At maturity, within 3 years, a combined quantity of 300 MT (of the products) per year will be supplied by Aether Industries to Otsuka Chemical Co., Japan, and hence the revenue potential for the said agreement would be Rs 510 million per year in the Large-Scale Manufacturing business model. Aether Industries will be the exclusive supplier to Otsuka Chemical Co., Japan for the products for which the Agreement is executed.
Stock price movement
The BSE group 'B' stock of face value of Rs 10 has touched a 52-week high and low of Rs 1050 and Rs 699.85, respectively. Last one week high and low of the scrip stood at Rs 905.60 and Rs 852.00 respectively. The current market cap of the company is Rs 11,041.61 crore.
Aether Industries is a speciality chemicals manufacturer in India focused on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies.
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