Aether Industries shares rebound 15% from one-year low; here's what analysts say

Shares of Aether Industries Ltd have recovered around 15 per cent from their one-year low price. The stock was last seen trading 1.80 per cent lower at Rs 891.55. At this price, it has rebounded 14.60 per cent from its 52-week low of Rs 778, a level seen last month on November 30. The scrip had slipped after a major fire engulfed its chemical manufacturing facility in Gujarat.

The company, in a BSE filing today, said it has executed a strategic agreement with global lithium-ion battery producer to announce entry in the electrolyte additives space. The agreement includes the commercial supply finalisation of one specific electrolyte additive and initiates the discussion on three others, it added.

"We have been developing products for this field for a long time but wanted to make it public knowledge only after securing a substantial commercial contract with a global lithium-ion battery producer, which I am happy to say that the current agreement has accomplished. Finally, coupled with our recent announcements with Saudi Aramco Technologies Company on the commercialization of the sustainable Converge polyols technology and multiple ongoing projects and research within Aether, I am happy to report that Aether is firmly established as a premier India-based provider of sustainable and carbon neutral chemistry solutions across the industry spectrum," said Aman Desai, Director, Research, Manufacturing and Operations for Aether Industries.

Also read: Aether Industries shares hit one-year low; 7 dead, 24 injured in Surat plant fire

On technical setup, support on the counter could be seen at Rs 875, followed by Rs 840 level. On the higher side, resistance may be found above Rs 950.

"Support will be at Rs 840 and resistance at Rs 950. Expected trading range will be between Rs 800 and Rs 1,000 for next couple of months," said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

"Aether Industries is bearish on daily charts with strong resistance at Rs 962. A daily close below support of Rs 875 could lead to target of Rs 800 in the near term," said AR Ramachandran from Tips2trades.

On BSE, around 18,000 shares were last seen changing hands. The figure was lower than the two-week average volume of 28,000 shares. Turnover on the counter stood at Rs 1.60 crore, commanding a market capitalisation of Rs 11,802.28 crore.

There were 8,572 buy orders against sell orders of 7,994 shares.

As of September 2023, promoters held 81.81 per cent in the company.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

 

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