Low price stock: Fineotex Chemical on verge of breakout; zooms more than 7 per cent

Trading at Rs 92 per share, the stock is making efforts to overtake its previous high of approximately Rs 91.80 (made in January 2018).

Yet another chemical stock from the group of top-performing chemical sector i.e. Fineotex Chemical Ltd is on the verge of breakout after attempting to hit a fresh 52-week high on Wednesday. The stock, attempting to make fresh life-highs for itself, sizzled on the bourses after gaining more than 7 per cent on an intraday basis.

Trading at Rs 92 per share, the stock is making efforts to overtake its previous high of approximately Rs 91.80 (made in January 2018).    

The current upmove in the stock is supported by a jump in the volume by at least 1.74 times as per BSE records on an intraday basis on Wednesday. The company has recently announced in its board meeting that it aims to raise Rs 200 crore in tranches by issuing equities.    

Fineotex Chemical Ltd, a multinational company headquartered in Mumbai, is a manufacturer of textile chemicals (enzymes for textile & garment industry), speciality chemicals, and public health chemicals (water treatment industry).