Multibagger Ashish Kacholia portfolio chemical stock surges 8%, near record high

Market


Shares of Fineotex Chemical Ltd (FCL) rallied more than 8% on the BSE to 360 apiece on the BSE in Tuesday’s early trading session, trading near its all-time high level of 409 it had hit last week on Tuesday, September 13, 2022. The specialty chemical stock has been in an upward moment since the past few sessions and the counter has surged over 41% in the last one month.

Fineotex group is one of the leading manufacturers of chemicals for textiles, construction, water-treatment, fertilizer, leather and paint industry. Fineotex manufactures and provides entire range of products for Pretreatment Process, Dyeing Process, Printing Process and Finishing Process for the textile processing to customers across the globe.

The multibagger stock has skyrocketed over 178% in a year’s period. The specialty chemical stock has jumped more than 161% in 2022 (year-to-date or YTD) so far, and is up 118% in the six months period alone as compared to more than a per cent rise in benchmark BSE Sensex.

In a clarification sought by the stock exchanges for the significant movement in the stock price, the company in a regulatory filing earlier this month had said that “we would like to inform you that, at present the Board of the company has not taken any decision which have an impact on the movement in price. Further, the company has declared its yearly and quarterly positive result in the month of April and July respectively, which has positively impacted in the market.”

The company further added that the movement in company’s share price is purely due to market conditions and apparently market driven and the management or the company has no control over it and in no way connected with movement in price of shares.

Indian ace investor and stock market trader Ashish Kacholia owns 21,42,534 equity shares or 1.93% stake in the specialty chemical manufacturer as of June 2022, BSE’s shareholding pattern showed. Kacholia has a varied portfolio that includes hospitality, education, infra, manufacturing and chemical stocks and is known for his ability to pick quality stocks in the midcaps and smallcaps segment.

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