The stock’s 14-day relative strength index (RSI) is 46.45. 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, are in focus as the company has announced the acquisition of CrudeChem Technologies Group (CCT). The counter began the trading session in the red at Rs 24.30 against the previous close of Rs 24.31. However, it reached a high of Rs 24.35. But the counter dipped amid selling pressure to touch the low of Rs 24.07. The stock ended the trading session at Rs 24.10 with a fall of 0.86 per cent, and the market cap of the company stood at Rs 2,761.26 crore.
On the National Stock Exchange (NSE), the counter began the trading session at Rs 24.36 and touched the intraday high and low of Rs 24.38 and 24.10, respectively.
Technically, 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 46.45. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
New opportunities for company
The company management said that the acquisition of CrudeChem Technologies (CCT), a leading US specialty oilfield chemical company a subsidiary of Fineotex Chemicals, has opened up new opportunities.
CrudeChem’s strong R&D infrastructure in Texas and Finotex’s expertise in formulation chemistry will accelerate technology transfer, promote co-development of advanced chemical solutions and support the rapid development of new products tailored to global oilfield needs.
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.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
