According to NSE records, between November 22nd and 28th, Norges Bank On Account Of The Government Pension Fund Global acquired 10.92 lakh equity shares at a price of 920 per share, totaling 100.46 crores.

Ami Organics, an R&D-driven maker of specialized chemicals, surged about 7% on Tuesday after the Norwegian Government Pension Fund Global acquired interests in the firm valued at more than 100 crores. On the NSE, the smallcap stock was just a few rupees shy from hitting the 1,000 milestones. Ami Organics is likely to continue to develop in the medium to long term due to its strong presence in high-growth and specialty sectors.

At roughly 10.35 a.m., Ami Organics stock was trading at 975.30 per share, up 38.80 percent or 4.14% on the NSE. The stock has reached an intraday high of $998.95 per share, resulting in a 6.67% gain for the day. The previous day, Ami Organics stock was trading at roughly $936.50 per share on the NYSE.

According to NSE statistics, Norges Bank On Account Of The Government Pension Fund Global acquired 10.92 lakh equity shares at a price of 920 per share in a bulk transaction between November 22 and November 28th, totaling 100.46 crores.

SmallCap World Fund Inc sold 12.72 lakh equity shares at 920 per share over this time period, totaling 117.02 crores.

Last week, the firm secured a definite multi-year, multi-tonne arrangement for the supply of an intermediate for their patented product with Fermion, a completely owned subsidiary of Orion Corporation, Finland. The overall minimum contract value is projected to be in the millions of euros over a 10-year period. According to the regulatory filing, the product is scheduled to start contributing significantly to revenue in FY24.

Ami Organics reported a total net profit of 19.04 crore in Q2FY23, up from 17.47 crore in the previous fiscal’s second quarter. Consolidated revenue from operations was 146.99 crore in the second quarter of the current fiscal year, up from 122.31 crores in the first quarter.

On the stock valuation, Anand Rathi’s note said, “with the presence in high growing and niche markets Ami Organics Limited is set to continue to post better growth in mid to long term. We have incorporated current financials and updated our numbers for the company. We continue to remain positive on the stock and maintain our BUY rating on the stock with a target price of ₹1,282 per share.”

Anand Rathi stated in its November 16 report that during Q2, the business finished the development of Methyl salicylate and successfully established a Flow reactor at its Jhagadia facility, which is slated to begin production in Q3FY23. In addition, the corporation has tripled its volume capacity. The business anticipates commercial trial orders for its electrolyte addition in November 2022, with commercial orders beginning in the first half of the calendar year 2023. Customers in China, Korea, India, and Europe are at various stages of qualification for the goods.

In addition, the firm has obtained a trial order for an agrochemical intermediate and an intermediate agrochemical product, both of which will be launched in Q3-FY23.