Fineotex Chemical surged 7.77 per cent to Rs 358.50 on bargain hunting. Fineotex Chemicals’ shares fell by 11.62 per cent in the past five trading sessions. The stock had outperformed the market over August, which rose 35.64 per cent compared with a 0.56 per cent rise in the Sensex.

In the Apr-Jun quarter, the scrip outperformed the market, gaining 120.68 per cent against Sensex’s 16.24 per cent rise. Also, the scrip had outperformed the market in 2021, climbing 178.55 per cent against Sensex’s 2.54 per cent rise.

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On a daily chart basis, the stock was trading below its 50-day simple moving average (SMA), placed at 265.83, 100-day  simple moving average (SMA) placed at 221.17, and  200-day simple moving average (SMA) placed at 190.52. 

On the Bombay Stock Exchange (BSE), 43000 shares were traded as compared with daily average volumes of 1.36 lakh shares in the second week of September. The stock hit a high of Rs 360.05 and a low of Rs 333.50. On 13 September 2022, the stock hit a record high of Rs 409.45; on 30 November 2021, the stock hit a 52-week low of Rs 103. The company’s net profit rose 108.76 per cent to Rs 19.77 crore on a 114.55 per cent surge in net sales to Rs 135.77 crore in the first quarter of June 2022 over the first quarter of June 2021.