Shares of Fineotex Chemical rallied more than 9% on the BSE to hit a record high of ₹409.45 apiece on the BSE in Friday's trading session, backed by a strong business outlook. The specialty chemical stock has been in an upward moment over the past few sessions. In the past month, the stock has soared 57 percent after the company reported a strong set of numbers for the quarter that ended June 2022 (Q1FY23). In comparison, the S&P BSE Sensex was up 1.7 percent during the period. Further, in the past three months, the stock has zoomed 156 percent, against a 14 percent gain in the benchmark index.In a clarification sought by the stock exchanges for the significant movement in the stock price, the company in a regulatory filing last week said that “we would like to inform you that, at present the Board of the company has not taken any decision which has an impact on the movement in price. Further, the company has declared its yearly and quarterly positive results in the month of April
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