Acrysil hits upper circuit post signing pact with IKEA Supply AG

The stock of Acrysil Limited hit its upper circuit on Thursday after the company announced that it has entered into a strategic partnership with IKEA Supply AG (Switzerland) for manufacturing and supply of composite quartz kitchen sinks for their global requirement.

The strategic agreement will leverage on Acrysil manufacturing capability and IKEA’s expertise in the distribution and supply of home improvement products to offer best-in-class quartz kitchen sinks to IKEA's customers.

Given the strong worldwide presence that IKEA has with its consumers globally, the landmark deal will facilitate further penetration of Acrysil into the global markets. This is likely to accelerate the growth of the company as it leverages its strong product offerings to a broader geography.

Acrysil stated through a press release to BSE that it plans to add the necessary capacity to meet IKEA demand.

Commenting on the development, Chirag Parekh, Chairman & Managing Director of Acrysil Limited said, “The agreement will help us establish the company as an emerging leader in the production and delivery of high-quality quartz kitchen sinks.”

The stock of Acrysil Limited was locked at its upper circuit of 10 per cent after which, the trading was suspended at Rs 102 per share, up by 9.97 per cent or Rs 9.25 per share. The stock’s 52-week high is Rs 135.95 and the 52-week low is Rs 53.95 on BSE.