This small-cap industrial minerals stock hits 52-week high for second session; check why it is in focus

On Friday, in its filing to exchanges, Ashapura Minechem said its overseas subsidiary has entered into a long-term Memorandum of Understanding (MOU) with China Railway, a Global Fortune 500 Company, to jointly develop its Fako bauxite deposit in the Kindia region of Guinea.

In terms of MOU, China Railway will be responsible for the production of bauxite and provide logistic solutions, while Ashapura will be responsible for sales and marketing and providing technical support, including quality assurance for the project.

"The abovementioned project may transform one of Guinea's most underdeveloped regions by creating job opportunities. It will also boost the company’s production capacity while driving economic growth and improving the lives of local communities in the Fako region," the company said in its filing.

This collaboration underscores Ashapura’s commitment to sustainable development, economic upliftment, and community welfare in Guinea, the fiing added.

Shares of the company have rallied 30% in the past 30 days. On Friday, the stock ended 10% higher at ₹519.60 on the NSE.

The company's shares hit their 52-week high on Friday, January 17, 2025. The figure was ₹519.60, while its 52-week low level stands at ₹200.45. The stock hit the level on October 20, 2024.

The stock's price band is 10%.

As per the NSE data, shares of Ashapura Minechem were listed on September 20, 1995.