Shares of Aarti Industries Ltd. jumped over 8% on Thursday to the highest in two weeks after it signed a long-term agreement with a multinational conglomerate for supply of a niche specialty chemical.
The contract entails supply over a period of four years and is expected to generate a revenue of over Rs 6,000 crore, according to an exchange filing. However, the specialty-chemical manufacturer did not mention the conglomerate's name.
On the NSE, Aarti's stock rose as much as 8.65% during the day to Rs 633.50 apiece, the highest since Jan. 5. It was trading 5.31% higher at Rs 614 apiece compared to a 0.74% decline in the benchmark Nifty 50 at 10:11 a.m.
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The share price has risen 5.55% in the last 12 months. The total traded volume so far in the day stood at 8.4 times its 30-day average. The relative strength index was at 53.25.
Out of 24 analysts tracking the company, seven maintain a 'buy' rating, six recommend a 'hold,' and 11 suggest 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 10.1%.
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