InvestorQ : Why are the shares of Fineotex Chemicals rallying so sharply over the last few days?
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Why are the shares of Fineotex Chemicals rallying so sharply over the last few days?

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3 weeks ago
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Fineotex Chemical, in fact, hit a 52-week high price of Rs.62.15 on the BSE and the stock has now gained nearly 30% in just 2 trading sessions. The sudden surge in price came after Nippon India Fund bought 5.9% in the company. Nippon MF acquired 66.1 lakh shares in Fineotex Chemicals via block deal for Rs.30 crore as part of its small cap fund.

The shares of the company were sold by the promoter, Surendra Tibrewala, who sold 78 lakh shares in all representing 7.04% stake in the company. Nippon was the single largest buyer in the counter. Most of these focused chemicals companies have been in high demand as the supply from China has taken a sharp hit in the last couple of years.

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