{"id":111308,"date":"2023-10-06T12:17:03","date_gmt":"2023-10-06T06:47:03","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=111308"},"modified":"2023-10-06T12:17:08","modified_gmt":"2023-10-06T06:47:08","slug":"chemical-stock-with-high-dii-holding-falls-2-after-companys-board-approves-raising-253-cr","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/chemical-stock-with-high-dii-holding-falls-2-after-companys-board-approves-raising-253-cr\/","title":{"rendered":"Chemical stock with high DII holding falls 2% after company&#8217;s board approves raising \u20b9 253 Cr"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-635274770\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>This S&amp;P BSE Smallcap Stock announced raising of Rs. 253 crore through preferential issue. The company has a market cap of Rs. 4,447 crore and is 4% away from its 52 week high, trading at Rs. 1782.95 versus Rs. 1814.55 at closing on Thursday. <\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1926183933\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div><p>The stock is seeing volumes that are over 0.5x the monthly average, trading 2% and 20% respectively above its 20 day and 200 day moving averages. The company\u2019s shareholding has 20% DII holding and a target from HDFC last month at Rs. 2130, representing an upside of nearly 20% from the current market price.<\/p><p>In a filing dated 5th October 2023, <strong><a href=\"https:\/\/portal.tradebrains.in\/stock\/NEOGEN\/consolidated\" target=\"_blank\" rel=\"noreferrer noopener\">Neogen Chemicals Ltd<\/a><\/strong> (\u2018Neogen\u201d) stated that the board of directors have approved in a meeting held that day, the Issuance of up to 14,42,358 Equity Shares of face value of Rs. 10 each (\u201cEquity Shares\u201d) at a price of Rs. 1754.07 per Equity Share including a premium of Rs. 1744.07 per Equity Share, aggregating up to Rs. 2,52,99,96,897, on a preferential basis.\u00a0<\/p><p>The company decided to foray into lithium electrolyte in FY21. In earlier preferential issues it was expected that the proceeds were allocated towards this venture. <\/p><div class=\"trade-content_5\" id=\"trade-3644038000\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div><p>Neogen foresaw about a year ago, significant opportunities emerging in advance intermediates, custom synthesis and new application for its expertise in lithium chemistry for manufacturing lithium-ion battery materials, required for manufacturing Advance Chemistry Cells for Lithium Ion Batteries having applications for Energy Storage for Renewables as well as for rapidly expanding Electric Vehicle (EV).\u00a0<\/p><p>Neogen engages in the manufacture and sale of specialty chemicals in India.\u00a0 The objective of a previous fundraise of Rs. 225 crore was to support the company&#8217;s growth and to capture the upcoming high potential opportunities in these segments. <\/p><p>The current\/ newly announced equity infusion can be expected to further strengthen Neogen&#8217;s balance sheet position while making it future ready, to tap the growing needs of key end user industries.<\/p><blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><strong>Written by Sandeep R<\/strong><\/p><\/blockquote><h4 class=\"wp-block-heading\" id=\"h-disclaimer\"><strong>Disclaimer<\/strong><\/h4><div class=\"wp-block-image\"><figure class=\"aligncenter size-medium\"><img decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2022\/02\/warning-disclaimer-300x300.png\" alt=\"\" class=\"wp-image-26306\"\/><\/figure><\/div><p><strong>The views and investment tips expressed by investment experts\/broking houses\/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.<\/strong><\/p><div class=\"trade-after-content\" id=\"trade-1094433326\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>This S&amp;P BSE Smallcap Stock announced raising of Rs. 253 crore through preferential issue. The company has a market cap of Rs. 4,447 crore and is 4% away from its 52 week high, trading at Rs. 1782.95 versus Rs. 1814.55 at closing on Thursday. The stock is seeing volumes that are over 0.5x the monthly [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":108239,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[12887,8349,8348,948,936],"class_list":["post-111308","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news","tag-neogen-chemicals-fund-raise","tag-neogen-chemicals-latest-news","tag-neogen-chemicals-share-price","tag-stock-market","tag-stock-market-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chemical stock with high DII holding falls 2% after company&#039;s board approves raising \u20b9 253 Cr - Trade Brains Features<\/title>\n<meta name=\"description\" content=\"This S&amp;P BSE Smallcap Stock announced raising of Rs. 253 crore through preferential issue. 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