Ashish Kacholia stock: This specialty chemical company shares surge 30% in 10 sessions – what’s driving the surge?
Renowned investor Ashish Kacholia has 21,42,534 equity shares or about 1.9 per cent stakes in Fineotex Chemicals, as per the June shareholding pattern of the company available on the BSE.
Ashish Kacholia Stock: Ace investor Ashish Kacholia-backed specialty chemical company – Fineotex Chemicals share price touched a new lifetime high of Rs 273.55 per share, gaining over 9 per cent on the BSE intraday during Friday’s trading session after the company reported strong Q1 numbers last month.
The stock has gained nearly 30 per cent since the company released its April-June quarter earnings for the financial year 2022-23 (Q1FY23) on July 29, 2022 (10 sessions). Moreover, the counter in the last two months has zoomed over 72 per cent on the BSE.
In Q1FY23, Fineotex Chemicals’ consolidated profit after tax rose 110 per cent year-on-year (YoY) to Rs 20.3 crore and reported a 115 per cent YoY jump in its consolidated revenue at Rs 135.8 crore.
The company’s EBITDA (earnings before interest, taxes, depreciation, and amortization) grew 167 per cent YoY at Rs 26.20 crore., while the margin expanded 381 bps YoY to 19.3 per cent.
Renowned investor Ashish Kacholia has 21,42,534 equity shares or about 1.9 per cent stakes in Fineotex Chemicals, as per the June shareholding pattern of the company available on the BSE.
Ashish Kacholia, who is fondly called as Big Whale of the Indian stock market, publicly holds 38 stocks with a net worth of over Rs 1,821.1 crore as of August 12, 2022, according to trendline.com.
At around 12:10 PM, the shares of Fineotex were up over 4 per cent to Rs 261.7 per share on the BSE as compared to a 0.12 per cent surge in the S&P BSE Sensex at the same time.
Domestic brokerage firm Edelweiss Research maintained a bullish outlook on the speciality chemicals sector anticipating the favourable demand environment to sustain and companies to incur aggressive capex to catalyse growth
Edelweiss Research listed key highlights for Fineotex: Strong growth seen in textile chemicals in domestic as well export markets; aggressively expanding product basket in the detergent category; Margins are strong despite rising input costs and a renewed focus on organic growth.
Fineotex Chemicals is engaged in the business of manufacturing textile chemicals, auxiliaries, and specialty chemicals. The company has major textile brands as trusted customers and product quality has a good brand recall. The company’s export portfolio includes more than 60 nations.
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