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Shares of Fineotex Chemical rallied more than 8% on the BSE to hit record high of ₹408 apiece on the BSE in Friday’s trading session. The specialty chemical stock has been in an upward moment since the past few session and has surged over 48% in the past month.
In a clarification sought by the stock exchanges for the significant movement in the stock price, the company in a regulatory filing last week said that “we would like to inform you that, at present the Board of the company has not taken any decision which have an impact on the movement in price. Further, the company has declared its yearly and quarterly positive result in the month of April and July respectively, which has positively impacted in the market.”
The company further added that the movement in company’s share price is purely due to market conditions and apparently market driven and the management or the company has no control over it and in no way connected with movement in price of shares.
Fineotex group is one of the leading manufacturers of chemicals for textiles, construction, water-treatment, fertilizer, leather and paint industry. Fineotex manufactures and provides entire range of products for Pretreatment Process, Dyeing Process, Printing Process and Finishing Process for the textile processing to customers across the globe.
Fineotex Group was established in 1979 by Surendra Tibrewala. FCL was incorporated as a public limited company in 2007. The company got listed on Bombay Stock Exchange in March 2011 and listed on the National Stock Exchange in January 2015.
The multibagger stock has leaped over 226% in a year’s period. The specialty chemical stock has jumped more than 196% in 2022 (year-to-date or YTD) so far, and is up 145% in six months period alone.
Indian ace investor and stock market trader Ashish Kacholia owns 21,42,534 equity shares or 1.93% stake in the specialty chemical manufacturer as of June 2022, BSE’s shareholding pattern showed. Kacholia has a varied portfolio that includes hospitality, education, infra, manufacturing and chemical stocks and is known for his ability to pick quality stocks in the midcaps and smallcaps segment.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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