Fineotex Chemical shares surge as Nippon India MF picks up stake

Mumbai, Dec 29 Shares of Fineotex Chemical have surged over the past two days after Nippon India Mutual Fund picked up nearly six per cent stake through the open market.

On Tuesday, its shares on the BSE hit a 52-week high of Rs 62.15 per share.

Around 11.10 a.m., shares of Fineotex Chemical were trading at Rs 59.65, higher by Rs 5.55 or 10.26 per cent from its previous close.

On Monday, Nippon India MF acquired over 66 lakh equity shares for nearly Rs 30 crore through bulk deal on the BSE, according to exchange data.

The mutual fund bought shares at a price of Rs 45.25 per share.