Aether Industries shines on signing LoI with USA based oil field services company
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
Aether Industries is currently trading at Rs. 983.00, up by 52.85 points or 5.68% from its previous closing of Rs. 930.15 on the BSE.
The scrip opened at Rs. 989.00 and has touched a high and low of Rs. 1023.15 and Rs. 973.75 respectively. So far 17182 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 1050.00 on 19-Sep-2022 and a 52 week low of Rs. 736.00 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 1023.15 and Rs. 906.00 respectively. The current market cap of the company is Rs. 12190.22 crore.
The promoters holding in the company stood at 87.07%, while Institutions and Non-Institutions held 9.95% and 2.97% respectively.
Aether Industries has signed a Letter of Intent (LoI) with one of the top 3 leading global Oil Field Services companies based in USA towards the finalization of a strategic supplier and contract manufacturing partnership.
The LoI paves the way for the execution of a Strategic Supply Agreement (SSA) between the two companies within 3 months of the LoI execution. The LoI specifies 4 strategic products of the new customer that will be contract manufactured by Aether as the first set of products in this new partnership.
The individual volumes of these 4 products is also specified in the LoI, and totals to 1,325 MT per month (i.e. around 16 KTA or 16,000 MT per year). These products will be supplied to the global energy and oil and gas locations of the customer, including a significant supply within India.
Aether Industries is a specialty chemicals manufacturer in India focused on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies.
