This chemical stock owned by Ashish Kacholia has risen 100% in two months.
The company's specialty chemicals market is witnessing growth in demand from end user industries such as food processing, personal care and home care.
The stock of Fineotex Chemicals continued its northward movement and touched a high of Rs 409.45 on BSE,
The stock was supported by a strong trading outlook in Tuesday's intraday trade.
In the last two months, the share price of the specialty chemical company has more than doubled from the level of Rs 202.95 on July 14.
In the past one month, the stock has gained 57% after the company reported a strong number for the quarter ended June 2022 (Q1FY23).
In comparison, the S&P BSE Sensex was up 1.7% during this time period.
Moreover, in the last three months, the stock has gained 156% against the 14% gain in the benchmark index.
Investor Ashish Kacholia held 2.14 million equity shares or 1.93% stake in Fineotex Chemicals as of June 30, 2022, as shareholding pattern data shows
Fineotex Chemicals is engaged in the business of manufacturing Textile Chemicals, Auxiliary and Specialty Chemicals.
The textile industry is the largest consumer of the company's specialty chemicals.
The company has major textile brands as trusted customers and the product quality also has a good brand recall.
The company's export portfolio includes more than 60 countries.
On the sudden rise in the share price of the company, Finotex Chemicals clarified that at present the board of the company has not taken any decision on price volatility
In addition, the company has declared its annual and quarterly positive results in the month of April and
July respectively, which has had a positive impact on the market, the company said.
Therefore, fluctuations in the company's share price are purely based on market conditions and
This is obviously market driven and has no control over the management or the company and is not in any way linked to price volatility of the shares.
In Q1FY23, Fineotex Chemicals reported a year-on-year (YoY) growth of 115% in its consolidated revenue at Rs 135.8 crore.