Fineotex Chemical surged shares by 9.81 per cent to Rs 235.05 after ace investor Ashish Kacholia bought a 0.5 per cent stake in the company by the open market.

Ashish Kacholia bought 5.5 lakh equity shares of the company, or a 0.5 per cent stake, through open market transactions, raising his shareholding to 2.43 per cent from 1.94 per cent in the previous year. Fineotex Chemical is a leading manufacturer of over 450 speciality chemicals and enzymes. On a consolidated basis, the net profit of Fineotex Chemical 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 Q1 June 2022 over Q1 June 2021. Meanwhile, the S&P BSE Sensex was up 97 points or 0.17 per cent to 58,447.64.

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On the Bombay Stock Exchange, 1.71 lakh shares were traded in the Fineotex Chemical counter so far compared with average daily volumes of 69,581 shares in the past two weeks; the company’s shares rose high of Rs 237.9. On 4 August, the shares hit a high on 52 weeks of Rs 237.9 compared to last year’s high of Rs 93.3. The stock had outperformed the market over the past one month, rising 11.08 per cent compared with a 9.61 per cent rise in the Sensex.