Aether Industries shares continue to rise; stock jumps 30% in two weeks

Shares of Aether Industries continued to rally and extended their gains on Thursday. The specialty chemical player hit an upper circuit of 10 per cent during the trading session to its new record highs. The company has been on the radar of investors on the back of fundraising plans and a new contract with Saudi Aramco Tech.

Earlier this week, Aether Industries launched a qualified institutional placement (QIP) issue to raise up to Rs 750 crore, the company told the exchanges via regulatory filing. The fundraising committee of the company has fixed the floor price at Rs 984.90 per equity share.

Aether Industries, earlier this month, signed a license agreement with Saudi Aramco Technologies for the commercialization of the sustainable Converge polyols technology. The agreement drew attention of investors at Dalal Street, pushing the stock higher as it gained over 30 per cent in the last two weeks.

Shares of Aether Industries rose another 10 per cent, the daily circuit limit, at Rs 1,210.80, hitting fresh 52-week high. The stock has gained 21 per cent in the last two sessions. The total market capitalisation of the company hit Rs 14,500 crore.

Incorporated in 2013, Surat-based Aether Industries was listed in June 2022, when the company raised a little more than Rs 808 crore from its initial stake sale by selling its shares for Rs 642 apiece. The stock has surged about 89 per cent from its issue price.

Aether Industries focuses on producing advanced intermediates and specialty chemicals involving complex and differentiated chemistry and technology core competencies, which are used in pharmaceutical, agrochemical, material science, coating, high-performance photography, additive, and oil and gas segments of the chemical industry.

Its customers include more than 160 multinational, global, regional and local companies, including Divis Labs, Dr Reddy’s, UPL, Adama, Aramco Performance Materials, Polaroid, and Tosoh FineChem. Aether is currently in the process of expanding manufacturing capacities.

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