India's Neogen Chemicals up on deal with Japan's MU Ionic Solutions

Neogen Chemicals

11/04/2023 05:27

** Shares of Neogen Chemicals Ltd  NEOE.NS  rise as much as
5.8% to 1492.60 rupees, their highest since Nov. 7, 2022  
    ** Co signs agreement with MU Ionic Solutions Corporation
(MUIS), Japan, to acquire license for proprietary and
confidential manufacturing technology for Neogen's electrolyte
solutions
    ** MUIS is a JV between Mitsubishi Chemical Corporation and
UBE Corporation
    ** More than 85,000 shares traded as of 9:45 a.m. IST, 2.6
times their 30-day moving avg
    ** All six brokerages rate stock as "strong buy" or "buy";
their median PT is 1,586 rupees - Refinitiv data
    ** Stock up 12.8% YTD, as of last close

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))