Shares of Anupam Rasayan India (ARIL) hit a record high of Rs 951.75, surging 7% on the BSE intraday trade on Thursday. Shares of the speciality chemicals company have risen 13% over the past two sessions.

It surpassed the previous high of Rs 928 hit on September 12, 2022. The company debuted its stock market on March 24, 2021, and its share price hit an all-time high of Rs 1,106 on February 2, 2022. The company has received Rs 760 crore through a public offering and issued shares at Rs 555 each.

Over the past two months, ARIL’s market price has increased by 58% on expectations of strong and sustainable growth in the coming quarters and years.

On March 23, 2023, ARIL signed a Letter of Intent (LOI) with a leading Japanese chemical company worth $120 million (Rs 984 crore) revenue over the next 6 years to provide new-age advanced intermediates for life science active ingredients. The product will be produced in the company’s existing and upcoming multi-purpose production facilities.

“Sales for this molecule will be among the highest for the company. The molecule is based on fluorinated chemistry and further validates our expansion strategy in the fluorinated space,” management said.

The product is being produced in India for the first time in line with the government’s Make in India policy. “This letter of intent demonstrates our technical capabilities to work with Japanese clients on niche molecules and strengthens our visibility for revenue growth in the coming years,” management said.

ARIL is one of the leading companies in India for Custom Synthesis (CSM) and Manufacturing of Specialty Chemicals. The speciality chemicals specialization has two verticals: life sciences-related speciality chemicals, including products related to agrochemicals, personal care, and pharmaceuticals, and other speciality chemicals, including speciality pigments and dyes and polymer additives.

ARIL said it had received approval from the Gujarat Pollution Control Board (GPCB) and other regulatory agencies to restart the plant after following all regulatory and safety compliances.

Overall, a strong product pipeline, capacity availability, upfront discussions with various customers, and well-planned capital expenditures give management confidence in delivering strong and sustainable growth in the quarters and years ahead.