This Smallcap Specialty Chemical Stock Has Seen Its Biggest Intra-day Gains In Over Two Years
Board meeting on September 27 to consider a stock split as well as the issue of bonus shares.
Shares of Fineotex Chemical surged 16.6% on Thursday, its highest intra-day gains since May 2023.
The small-cap specialty chemicals stock climbed to its highest in nearly two months.
Why Is The Stock Surging?
After market hours on Wednesday, the company announced that its board of directors will meet on September 27 to consider key corporate actions, which include an interim dividend, a sub-division of shares with a face value of ₹2, and the issue of bonus shares.
If approved, this will mark the first stock split and bonus issue by Fineotex in a decade. In 2015, the company carried out a 1:5 stock split and issued a 1:1 bonus, with its most recent dividend payout being ₹0.40 per share.
Ace investor Ashish Kacholia holds a 2.74% stake, or about 31.35 lakh shares, in Fineotex.
Retail Buoyant
Retail sentiment shifted to ‘bullish’ on Stocktwits following the official announcement. It was ‘neutral’ the day before.
Despite today’s gains, the stock has declined over 24% year-to-date. It has fallen in five of the last seven sessions.
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