The stock’s 14-day relative strength index (RSI) is 47.8. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Shares of Fineotex Chemical Ltd, which manufactures speciality chemicals, have been in focus as the company has announced the acquisition of CrudeChem Technologies Group (CCT). The counter opened in green at Rs 24.89 on the BSE against the previous close of Rs 24.64. During the day, it touched a low of Rs 24.19. Last seen, the scrip was trading at Rs 24.39 with a fall of 1.01 per cent or Rs 0.25. The market cap of the company stood at Rs 2,794.49 crore. On the National Stock Exchange (NSE), the counter began the trading session at Rs 24.68 and touched the intraday high and low of Rs 24.99 and 24.12, respectively.
The stock has been losing for the last two days and has fallen 2.83 per cent in the period. The stock is trading lower than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The stock’s 14-day relative strength index (RSI) is 47.8. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Ashish Kacholia reduces his stake
According to the latest data from Trendlyne, Ashish Kacholia reduced his stake in Fineotex Chemicals by 0.1 per cent in the September quarter. The veteran investor now holds a 2.6 per cent stake in the company through September 2025, down from 2.7 per cent previously.
Recently made a major acquisition
The company recently announced in an exchange filing that it has completed a strategic acquisition of CrudeChem Technologies Group (CCT), a major US-based company. The company stated that this deal represents a significant step forward in expanding its technology, entering new markets, and offering environmentally safe chemical solutions.
The market for this industry in North America is estimated to be approximately USD 11.5 billion by 2025. This acquisition will strengthen its market share in the rapidly growing global market.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
