Neogen Chemicals shines on inking pact with MU Ionic Solutions Corporation

Neogen Chemicals is currently trading at Rs. 1531.00, up by 117.20 points or 8.29% from its previous closing of Rs. 1413.80 on the BSE.

The scrip opened at Rs. 1469.95 and has touched a high and low of Rs. 1550.00 and Rs. 1425.00 respectively. So far 29348 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1678.00 on 11-Apr-2022 and a 52 week low of Rs. 1127.70 on 07-Feb-2023.

Last one week high and low of the scrip stood at Rs. 1550.00 and Rs. 1281.05 respectively. The current market cap of the company is Rs. 3785.91 crore.

The promoters holding in the company stood at 60.19%, while Institutions and Non-Institutions held 22.87% and 16.94% respectively.
Neogen Chemicals (Neogen) has signed an agreement with MU Ionic Solutions Corporation, Japan. 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. The group is one of the global leaders in electrolytes used in lithium-ion batteries with a strong track record of 30 years and has 5 electrolyte manufacturing plants located in Japan, USA, UK and China.

As per the terms of the agreement, Neogen will obtain the license from MUIS for proprietary and confidential manufacturing technology for making Neogen’s electrolyte solutions at its manufacturing facility in India with a planned max installed capacity of upto 30,000 MT per annum. These electrolytes will be targeted by Neogen to meet the growing demand of lithium-ion cell manufacturers in India.

The agreement will allow Neogen to ensure that the manufacturing plant meets stringent global standards for quality, reliability, safety and efficiency for electrolytes production. It will also help Neogen to greatly reduce approval times with Lithium Ion Battery makers.

Neogen Chemicals is one of India’s leading manufacturers of bromine-based, and lithium-based, specialty chemicals.