India's Acutaas Chemicals gains on unit's JV agreement with South Korean firm

Acutaas Chemicals

30/06/2025 10:03

** Indian pharma intermediates maker Acutaas Chemicals ACUA.NS climbs 2% to 1,163.5 rupees

** Co's unit and specialty chemicals firm J & Materials Co to set-up JV named Indichem in South Korea for production, sale and distribution of semiconductor chemicals

** ACUA unit to have 75% shareholding in JV, J & Materials to hold the remaining stake

** Brokerage Kotak Institutional Equities raises fair value by ~3% to 1,490 rupees - reflecting a ~31% upside on last close; keeps "buy"

** Says the JV is an incremental positive to estimates; sees potential of further re-rating on the back of strong industry growth

** Expects Indichem to generate 2.8 billion rupees revenue in FY28, boosting ACUA's semiconductor chemicals business rev to 3.4 billion in FY30

** Stock up 8% YTD

($1 = 1,353.1800 won)

 (Reporting by Manvi Pant in Bengaluru)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))