Shares of Aether Industries Ltd. hit a record high on Friday after it signed a licencing agreement with Saudi Aramco Technologies Co. for commercialising Converge polyols technology.
The manufacturing process was previously jointly developed and validated at pre-commercial scale by Aramco and Aether, according to an exchange filing.
Shares of Aether Industries rose 4.64% to Rs 1,028 apiece as of 10:27 a.m., compared to a 0.06% decline in the NSE Nifty 50. The stock surged 7.39% to hit a record high of Rs 1,055 intraday.
The scrip has risen nearly 11.3% in the last three sessions. Shares surged the most in over eight months on Thursday as well after it signed a manufacturing partnership deal with an American oil field services company.
The average traded volume so far in the day stood at 16.4 times its monthly average. The relative strength index was at 76, implying that the stocks may be overbought.
Of the six analysts tracking the company, five maintain a 'buy' rating and one suggests a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 9.3%.
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