Aarti Industries spurts 7% on signing multi-year deal
On the BSE, 68,000 shares were traded on the counter so far as against a two-week average of 4,378 shares.
By ETMarkets.com | Updated:
NEW DELHI: Shares of Aarti Industries advanced 7 per cent on Thursday after the company informed the bourses that it has signed a multi-year deal with a global agricultural company worth Rs 4,000 crore to supply agrochemical intermediary.
Following the announcement, the scrip hit an intraday high of Rs 1,024.95, up 16.78 per cent on BSE. It closed the session 7 per cent up at Rs 939.55.
In a filing to BSE, the company said, “The contract entails a supply of a high value agrochemical intermediary, for use in herbicides, over a 10-year period. The supplies are expected to commence from FY20 and would generate expected revenues of around Rs 4,000 crore over the contract term.”
The company will invest around Rs 400 crores in the project.
Commenting on the contract, Rajendra Gorgi, Chairman & MD, Aarti Industries in a release, said, "The contract highlights our Global Partner of choice positioning amongst the leading global agrochemicals. The opportunity in the agrochemicals space is quite sizeable; this deal in particular will boost our growth trajectory further."
On the BSE, 68,000 shares were traded on the counter so far as against a two-week average of 4,378 shares.
Following the announcement, the scrip hit an intraday high of Rs 1,024.95, up 16.78 per cent on BSE. It closed the session 7 per cent up at Rs 939.55.
In a filing to BSE, the company said, “The contract entails a supply of a high value agrochemical intermediary, for use in herbicides, over a 10-year period. The supplies are expected to commence from FY20 and would generate expected revenues of around Rs 4,000 crore over the contract term.”
The company will invest around Rs 400 crores in the project.
Commenting on the contract, Rajendra Gorgi, Chairman & MD, Aarti Industries in a release, said, "The contract highlights our Global Partner of choice positioning amongst the leading global agrochemicals. The opportunity in the agrochemicals space is quite sizeable; this deal in particular will boost our growth trajectory further."
On the BSE, 68,000 shares were traded on the counter so far as against a two-week average of 4,378 shares.
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