An R&D-driven maker of speciality chemicals, gained about 7% on Tuesday after Norwegian Government Pension Fund Global acquired interests in the firm for more than 100 crore.
Indian Chemical Business
On the NSE, the smallcap stock just was a few rupees shy from hitting the 1,000 milestone. Ami Organics is likely to continue to develop in the medium to long term as a result of its strong presence in high-growth and specialty sectors.
At roughly 10.35 a.m., Ami Organics stock was trading at 975.30 per share, up 38.80 percent or 4.14% on the NSE. The stock has reached an afternoon high of Rs.998.95 per share, resulting in a 6.67% gain for the day.
According to NSE statistics, Norges Bank On Account Of The Government Pension Fund Global acquired 10.92 lakh equity shares at a price of 920 per share in a bulk transaction between November 22 and November 28th, totaling 100.46 crore.
SmallCap World Fund Inc sold 12.72 lakh equity shares at 920 per share over this time period, totaling 117.02 crore.
Last week, the firm secured a definite multi-year, multi-tonne arrangement for the provision of an intermediate for its patented product with Fermion, a completely subsidiary company of Orion Corporation, Finland.
The overall minimum value of the contract is projected to be in the millions of euros over a 10-year period. According to the regulatory filing, the product is scheduled to start contributing significantly to revenue in FY24.
Ami Organics reported a total net profit of 19.04 crore in Q2FY23, up from 17.47 crore in the previous fiscal's second quarter. Consolidated revenue from operations was 146.99 crore in the second quarter of the current fiscal year, up from 122.31 crore in Q2FY22.
Anand Rathi stated in its November 16 report that during Q2, the business finished the development of Methyl salicylate and successfully established a Flow reactor at its Jhagadia facility, which is slated to begin production in Q3FY23.
In addition, the corporation has tripled its volume capacity.
The business anticipates commercial trial orders for its electrolyte addition in November 2022, with commercial orders beginning in the first half of calendar year 2023.
The goods are in different stages of qualification with clients in China, Korea, India, and Europe. The business has also secured a trial order for an agrochemical intermediate and an agrochemical intermediate product, both of which are expected to be commercialized in Q3-FY23.
Furthermore, the stock brokerage added that Ami Organics' projected CAPEX of around Rs.1,900 million in its intermediates business is proceeding as expected.
The civil construction stage, with all equipment ordered. The new facility is scheduled to open in December 2023. The management has reaffirmed the guidance for the current fiscal year.
According to Anand Rathi's comment, "Ami Organics Limited is poised for long-term growth thanks to its position in fast-growing and specialist sectors.
We have incorporated recent financials and changed our business numbers.
We continue to be bullish on the stock and retain our BUY rating with a target price of Rs.1,282 per share."
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