Himadri Speciality Chemical delivers 38 per cent upmove in just one week; enters long-awaited family settlement agreement
The company's entry into the family settlement agreement has been made, which is likely to propel the stock prices higher.
Himadri Speciality Chemical Limited (HSCL), formerly called Himadri Chemicals & Industries Limited, is engaged in the business of manufacturing various grades of coal tar pitch and other by-products derived during the distillation process.
The stock has yielded mind-blogging returns to the tune of 38 per cent in the last one week. Furthermore, this upmove has been witnessed on the back of a robust volume of nearly four times the 50-week average volume of 4.31 crore, highlighting strong participation on the buying side.
The stock is trading above its key moving averages like 20, 50, 100, and 200-DMA. Also, it has formed a sizeable bullish candle on the weekly chart. Interestingly, the stock witnessed a faster retracement as it saw a correction of 35 per cent in 11 weeks and retraced its entire downmove in just two weeks, which signals strength as well as a robust price structure.
Over the weekend, a special announcement regarding the company's entry into the family settlement agreement has been made, which is likely to propel the stock prices higher.
BLC Family, comprising Bankey Lal Choudhary, Vijay Kumar Choudhary & Tushar Choudhary, ceases to hold any right in the management and/or control of the company and has also submitted a request/application under Regulation 31A of SEBI Listing Regulations to re-classify themselves from promoter & promoter group to public category.
Pursuant to the realignment, the SSC Family, led by Anurag Choudhary as its Managing Director & CEO, will continue to manage and control the company.
Besides, the stock soared 82 per cent on a YTD basis while on an MTD basis, it jumped over 30 per cent.