Ami Organics Shares Hit One-Month High On Patent Wins
The company now has a total of nine patents for its innovative process and technologies.
Shares of Ami Organics Ltd. jumped over 6% to the highest in over a month on Monday after the government granted it two process patents for 20 years.
The pharmaceutical firm has got patents for the process for preparation of 2-(Piperidin-4-YL)-1H-benzo[D]imidazole, and a process for the direct synthesis of a Fedratinib intermediate, according to an exchange filing on Saturday.
After receiving these two patents, the company now has a total of nine patents for its innovative process and technologies, it said.
On the NSE, Ami Organics' stock rose as much as 6.20% during the day to Rs 1,185.50 apiece, the highest since Jan. 29. It was trading 4.28% higher at Rs 1,164.05 per share, compared to a 0.16% advance in the benchmark Nifty 50 at 11:17 a.m.
The share price has risen 23.22% in the last 12 months. The total traded volume so far in the day stood at 5.1 times its 30-day average. The relative strength index was at 61.37.
Six out of the eight analysts tracking the company have a 'buy' rating on the stock, one recommends 'hold' and another suggests 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 0.3%.