Ami Organics share value rallied 20 per cent to a fresh all-time higher of Rs 1,121.45 apiece intraday on BSE. The specialty chemical substances organization made a sturdy debut on Tuesday, listing at a premium of 49 per cent. Since listing, Ami Organics stock value has soared more than 23 per cent though 84 per cent from the challenge value of Rs 610 per share. The initial public supplying of Ami Organics was subscribed 64.54 instances. Analysts say that a sturdy listing coupled with intense positive sentiment in little and midcap stocks has led to sturdy purchasing in Ami Organics. “Technically, Rs 1166 will be the immediate resistance. Closing above this level could see a target of Rs 1290. Support remains at Rs 1040,” AR Ramachandran, Co-founder & Trainer, Tips2Trades, told TheSpuzz Online.
At 3 PM, Ami Organics stock was trading 20 per cent larger at Rs 1,121.45 on the BSE, as compared to .88 per cent rise in the S&P BSE Sensex. In traded volume terms, 3.76 lakh equity shares exchanged hands on BSE, though 42.13 lakh units have traded on NSE, so far in the day. Ami Organics has now joined its listed market peers such as Aarti Industries, Hikal, Valiant Organics, Vinati Organics, Neuland Organics and Atul Ltd.
Analysts at Motilal Oswal Financial Services mentioned that Ami Organics appears to be properly placed to tap chance in the quick expanding specialty chemical industry by leveraging its sturdy R&D and expanding solution portfolio. It has a wide solution portfolio in PIs, diversification efforts into other specialty chemical space, sturdy clients’ relation across geographies and robust financials.
The brokerage firm also added that by FY21-finish, Ami Organics completed the acquisition of Gujarat Organics, which enhanced its capacity by 3,600 MTA to 6060 MTA. “The acquisition would add preservatives (parabens – end usage in cosmetics, animal food, personal care) and other specialty chemicals (end usage in cosmetics, dyes polymers, agrochemicals) into AOL’s existing portfolio, which command significant market share globally,” it added.
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