Multibagger textile chemical stock soared by more than 10 percent today, with the successful acquisition of Biotex and new collaborations across borders
The stock traded its 52 weeks high today, with five times more trading volume than average.
Shares of Fineotex Chemical Ltd traded higher on Friday, with gains of more than 11 per cent. The buyers took full control of the stock price to move to a day high of Rs 338.25, where the stock was rising continuously in the first half of the trading session. At the time of writing, the stock price was trading at Rs 358 with a cooling off of price action. The stock traded its 52 weeks high today, with five times more trading volume than average.
The revenue from operations for Q2 FY24 rose to Rs 145.3 crores from Rs 78.5 crores, with a substantial growth of 85.10 per cent on a YoY basis, while net profit saw notable gains of 183.78 per cent. Recently, the company has made new collaborations to expand its product profile and geographical reach with some good organizations like Eurodye-CTC, HealthGuard, and Sasmira Institute. Fineotex Chemical has successfully acquired and realized synergies with Biotex (Malesia).
Shares of Fineotex Chemical have delivered impressive returns across all time horizons. Over the past three months, the stock has returned 25.79 per cent. Year-to-date, the stock has returned 41.03 per cent. Over the past three years, the stock has returned a staggering 717.20 per cent. Over the past five years, the stock has returned an even more impressive 874.45 per cent. The stock has given multibagger returns of 1,411.44 per cent over its life period.
Fineotex Chemical Ltd. engages in the manufacture of chemicals for textiles, construction, water-treatment, fertilizer, leather and paint industry. Its products include Textile, Water & Oil Based Drilling Fluid, and Cleaning & Hygiene chemicals.
Disclaimer: The article is for informational purposes only and not investment advice.
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