The shares of a Nifty Small Cap 100 stock, Fine Organic Industries Limited reached a fresh 52-week high of ₹4798.00 on Tuesday’s early trades. The shares closed at ₹4507.70 on Monday after logging an increase of 10%. They are currently trading at 4771.00 levels, up 5.84%.
Fine Organic Industries is a company in the speciality chemicals industry. It manufactures, processes, supplies, and distributes a wide range of oleo chemical-based additives. These are used in foods, plastics, cosmetics, coatings and speciality applications in various industries.
Fine Organic is the largest manufacturer of oleo chemical-based niche additives in India and among the six largest global players in polymer additives and one of the leading global players in speciality food emulsifiers.
The company posted stellar results for the fourth quarter on a consolidated basis. Its net sales are at ₹ 616.87 crores in March 2022, up 91.05% as against ₹322.88 crores in the March quarter last year. Its quarterly net profits are at ₹121.85 crores in March 2022, up 283.29% from ₹31.79 crores reported in the March quarter of 2021.
On 29th May 2022, analysts at Motilal Oswal had given a target of ₹ 3985.00 for its shares, however, its share price has surpassed the target by more than 16%!
Analysts say that key technical indicators are in the favour of bulls, on major time frame charts. They believe that the positive momentum will continue and that the stock could reach ₹5000 levels initially and then ₹5400 levels subsequently, while it will continue to find support at ₹ 4106 levels, which is around its 20-week EMA.
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