Multibagger returns of 300 per cent: Shares of this company zoomed over 9 per cent today after signing an agreement!

The business will directly invest Rs 45,000 crore in ACC Battery storage manufacturing projects.   

Today, one of the Top Gainers on BSE, shares of Neogen Chemicals zoomed 9.64 per cent to Rs 1,550 per share from its previous closing of Rs 1,413.80. The shares of the company saw a spurt in volume by more than 8.11 times on BSE.  

In just 2 days, the stock is up over 15 per cent because the company signed a landmark agreement with MU Ionic Solutions Corporation, Japan to acquire a manufacturing technology license for electrolytes in India. The company also released its investors’ presentation, wherein the company will enter into the lithium battery sector.   

Under the PLI scheme, it is expected to accelerate EV adoption which has a target incentive outlay of Rs 18,100 crore. In addition, the business will directly invest Rs 45,000 crore in ACC Battery storage manufacturing projects.   

MU Ionic Solutions (MUIS) is a JV between Mitsubishi Chemical Corporation (MCC) and UBE Corporation and is a group company of The Mitsubishi Chemical Group (the group), a Japanese conglomerate.  

Neogen Chemicals Ltd is a publicly-traded company that specializes in manufacturing and supplying speciality chemicals and pharmaceutical intermediates to various industries such as pharmaceuticals, agrochemicals, electronics and others. Neogen Chemicals has a strong financial track record, with consistent revenue and profit growth over the years.   

The company's revenue for the financial year 2021-11 was Rs 487 crore, with a net profit of Rs 45 crore. The company's market cap as of April 2023 is over Rs 4,000 crore. The stock gave multibagger returns of 301.92 per cent in just 3 years.  

Investors should keep an eye on this Small-Cap stock under their watchlist.