Ami Organics surges 20% after strong listing
Published On: Wednesday, September 15, 2021 | By: Team KnowMyStock
Shares of Ami Organics gained 20 percent and hit a fresh high of Rs 1,121 on the BSE in intra-day trade on Wednesday after the specialty chemicals company made a strong market debut on Tuesday, listing at a premium of 49 percent. With today’s rally, the stock has now gained a solid 84 percent against in just two trading sessions from its issue price of Rs 610 per share. The initial public offering of Ami Organics was subscribed 64.54 times. Analysts say that a strong listing coupled with extreme positive sentiment in small and midcap stocks has led to strong buying in Ami Organics. Ami Organics is focused on manufacturing advanced pharma intermediates (PI) for regulated/generic APIs and New Chemical Entities (NCE) and key starting materials for agrochemical and fine chemicals. The company has three manufacturing facilities situated in Gujarat with an aggregate installed capacity of 6060 Mtpa.
It is one of the major manufacturers of PIs like Dolutegravir, Trazodone, Entacapone, Nintedanib and Rivaroxaban of which first two contributed around 44 per cent of FY21 revenues.According to stock market experts, current valuations of the stock is not conducive for fresh buying but they advised Ami Organics shareholders to further hold the counter maintaining trailing stop loss at ₹945.
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