Neogen Chemicals shines on inking pact with MU Ionic Solutions Corporation!
Shares of the company gained more than 14% in today’s trade.
Agreement with MU Ionic Solutions Corporation, Japan
Neogen Chemicals (Neogen) has signed an agreement with MU Ionic Solutions Corporation, Japan. MU Ionic Solutions (MUIS) is a JV between Mitsubishi Chemical Corporation (MCC) and UBE Corporation and is a group company of The Mitsubishi Chemical Group (the group) a Japanese conglomerate. The group is one of the global leaders in electrolytes used in lithium-ion batteries with a strong track record of 30 years and has 5 electrolyte manufacturing plants located in Japan, the USA, UK and China.
As per the terms of the agreement, Neogen will obtain a license from MUIS for proprietary and confidential manufacturing technology for making Neogen’s electrolyte solutions at its manufacturing facility in India with a planned max installed capacity of up to 30,000 MT per annum. These electrolytes will be targeted by Neogen to meet the growing demand of lithium-ion cell manufacturers in India.
The agreement will allow Neogen to ensure that the manufacturing plant meets stringent global standards for quality, reliability, safety and efficiency for electrolyte production. It will also help Neogen greatly reduce approval times with Lithium-Ion Battery makers.
Share price movement of Neogen Chemicals Limited
Today, the stock opened at Rs 1469.95, with a high and low of Rs 1654 and Rs 1425. The stock closed trading today at Rs 1619.45, up by 14.55%.
The stock has a 52-week high of Rs 1678 and a 52-week low of Rs 1127.70. The company has a market capitalisation of Rs 4,038.80 crore.
Neogen Chemicals Limited, incorporated in 1991, manufactures bromine and lithium-based organic and organo-metallic compounds, used in the pharmaceutical, agricultural chemicals, and engineering industries.
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