Fineotex Chemical: Nirmal Bang Sees 25 Percent Upside | Check Target Price And Other Details Here

Domestic brokerage firm Nirmal Bang is bullish on specialty chemicals producer Fineotex Chemical. The shares of this company is projected to see a significant upside potential of 26 per cent, according to a report published on June 28. Analysts have recommended a share price target of Rs 483 per share.
“Fineotex has delivered healthy financials over the last few years despite macro challenges that impacted overall chemical industry financials. In FY24, it delivered healthy volume growth of ~25%, where capacity utilization stood at around 72%. At the same time, the industry has witnessed an impact on volumes mainly due to subdued demand from global markets. International revenue contribution maintained at 22% of FY24 revenue. Fineotex Chemical received approval for fundraising through an issue of share warrants and equity shares worth ₹218 crore to fund the company’s business expansion through organic/inorganic growth and working capital requirements. The same is proposed at an issue price of Rs. 387.4 each per unit, which gives a positive indication. Overall, the company is expected to dilute 11.6% of its equity in the future,” the report said.
The counter opened at Rs 389 and surged to Rs 401, a surge of 3.6 per cent from the previous close of Rs 386.90 on the BSE. Meanwhile, equity benchmark indices Sensex and Nifty hit their fresh lifetime high levels in early trade on Tuesday, amid a rally in global markets and buying in IT stocks.
The 30-share BSE Sensex jumped 379.68 points to hit a record peak of 79,855.87 in early trade. The Nifty climbed 94.4 points to hit a lifetime high of 24,236.35.
Among the Sensex pack, HCL Technologies, Tata Consultancy Services, Infosys, Bharti Airtel, HDFC Bank and Power Grid were the biggest gainers. Tata Motors, Bajaj Finance, Kotak Mahindra Bank and ICICI Bank were among the laggards.
The benchmark indices opened on a bullish note and hit all-time high levels, but soon profit booking emerged, the indices pared early gains and were trading in the negative territory. The BSE Sensex was trading down 77.93 points, or 0.10 per cent, to 79,398.26 points. The broader NSE Nifty fell 25.65 points, or 0.11 per cent, to 24,116.30 points.
(Disclaimer: The information provided in this article is for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.)