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Aarti Industries stock jumps 7% as firm to consider bonus issue

Aarti Industries stock jumps 7% as firm to consider bonus issue

The company said that the next meeting of the board of directors of the company is scheduled to be held on Tuesday, May 11, 2021, to consider, approve and take on record audited financial results for the quarter and year ended March 31, 2021

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Share of Aarti Industries jumped over 7 per cent to hit a 52-week high on BSE after the company announced that a meeting of the board of directors of the company is scheduled on Tuesday, May 11, 2021, to consider and approve the issue of bonus shares.

The company said that the next meeting of the board of directors of the company is scheduled to be held on Tuesday, May 11, 2021, to consider, approve and take on record audited financial results for the quarter and year ended March 31, 2021. The board will also consider and recommend the final dividend, if any, for the year ended March 31, 2021.

"During Q4FY20, we had commissioned and commercialised the initial phase of our upcoming unit/ project at Dahej SEZ and had also exported few shipments to our global customers. These, and other upcoming expansions, are expected to create significant benefits as India strengthens its position and market share in global supply chains that are increasingly looking to source from fully-integrated players with no dependency on China," the company said in a press release.

"Based on our R&D initiatives, we are looking to expand our portfolio into chloro-toluene products and additional downstream chemistries such as photo-chlorination, and the like. Now, with the enhancement of our R&D capabilities, we expect to enter additional new lines of chemistry and products. The focus will be on supply chains for value-added products requiring multiple levels of synthesis and completely independent of intermediate supplies from China," it added.

On a year-to-date (YTD) basis, the stock has rallied around 35.5 per cent. At 12:38 hours, the stock was quoting at Rs 1677.05, up 2.55 per cent on BSE.

Aarti Industries Limited (AIL) is a leading Indian manufacturer of specialty chemicals and pharmaceuticals with a global footprint. The company is a manufacturer of chemicals used in the downstream manufacturing of pharmaceuticals, agrochemicals, polymers, additives, surfactants, pigments, and dyes.