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Fineotex Chemical stock climbs 14% after Nippon India Fund buys 66.08 lakh shares

BusinessToday.In     December 29, 2020

Fineotex Chemical share rose over 14% in early trade today after Nippon India Small Cap Fund bought shares of the company. Stock of Fineotex Chemical gained 14.87% to Rs 62.15 against previous close of Rs 54.10 on BSE. At 11:02 am, the share was trading 8.87% higher at  Rs 58.60.

Market cap of the firm rose to Rs 655 crore on BSE. The stock has gained 23.08% in the last 2 days. The micro cap share opened with a gain of 10.17% at Rs 59.60 today.

Fineotex Chemical share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 127% in one year and gained 118.55% since the beginning of this year. In a month, the share has risen 36.18% and climbed 30% in a week.

Nippon India Small Cap Fund purchased 66,08,595 shares of the company at an average price of Rs 45.25 per share through a bulk deal.

Also, Tejas Tradefin LLP purchased 7,00,100 shares at Rs 47.28 per share on BSE.

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Fineotex Chemical Limited is engaged in the business of manufacturing and trading of chemicals. The company operates through two segments: speciality chemicals and real estate development.

It is primarily engaged in the business of manufacturing of auxiliaries and specialty chemicals. The company offers a range of products, which include adhesives, construction-chemicals, and products for pre-treatment process, dyeing process, printing process and finishing process.

Meanwhile, Sensex was trading 322 points higher at 47,675 and Nifty gained 85 points to 13,958. During today's session, Sensex hit an all-time high of 47,714 and Nifty logged a lifetime high of 13,967.

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