Shares of Ashapura Minechem Ltd skyrocketed 10% and hit a 52-week high of Rs 571.55 on 20 January after the company announced that its arm has inked a MoU with China Railway.
In its regulatory filing, the company said that its overseas subsidiary had signed a long-term Memorandum of Understanding (MoU) with a Global Fortune 500 Company, China Railway, to jointly develop the Fako bauxite deposit in the Kindia region of Guinea.
As a part of the MoU, the company will oversee marketing, sales, and technical support, including quality assurance, whereas China Railway will handle bauxite production and provide logistic solutions.
The filing added, “The above mentioned project may set to transform one of Guinea’s most underdeveloped regions by creating job opportunities. It will also boost company’s production capacity while driving economic growth and improving lives of local communities in the Fako region.”
Established on 19 February 1982, Ashapura Minechem is involved in the mining, production, and trading of various minerals and their derivatives. The company offers multi-mineral solutions catering to diverse industries, including soaps, steel, energy, edible oils, metals, medicine, cement, and ceramics. It operates across India and seven other countries.
At 12:35 pm, the shares of Ashapura Minechem were trading 2.75% higher at Rs 533.90 on NSE.
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