Ashish Kacholia portfolio: Experts give ‘buy’ tag to this chemical stock
Ashish Kacholia portfolio: After climbing to a new peak of ₹458.85 apiece on NSE in the last week of February 2024, Fineotex Chemical share price has remained an ideal sell-on-rise stock of the Indian stock market. However, some experts believe that the Ashish Kacholia-owned stock can give sharp upside movement once it comes out of the base building mode.
Market experts said that Ashish Kacholia’s portfolio stock has recently given a fresh breakout on the chart pattern and it is looking bullish for the short to medium term. They said that the company’s fundamentals are also strong as the chemical company posted a 26 percent YoY rise in revenue in the October to December 2023 quarter. They said that the company’s PAT and margins are also improving, which signals strong upside movement in the medium to long term.
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Fineotex Chemical’s fundamentals
Highlighting the strong fundamentals of this Ashish Kacholia-owned stock, Karan Kamdar, Research Analyst at Deven Choksey said, “Fineotex Chemical Ltd witnessed a strong quarter, with standalone profits for 9MFY24 jumping 101%. As cotton prices hit lower levels, we expect the company to perform better in the coming quarters. The recent fundraising by the company for foreign opportunities might bring additional impetus to the company’s growth prospects. We remain positive on the stock. Currently, the stock is trading at 33x/25x/19x FY24E/FY25E/FY26E EPS, respectively.”
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Fineotex Chemical share price target
Speaking on Fineotex Chemical share price outlook, Sumeet Bagadia, Executive Director at Choice Broking said, “Fineotex Chemical share price was in base building mode for nearly one month after climbing to its lifetime high. However, the chemical stock has recently given a fresh breakout at ₹370 per share level on a closing basis. So, I assign a buy tag to this chemical stock. The stock may touch ₹400 to ₹410 levels in the near term. One can buy the stock at current levels maintaining stop loss at ₹370 apiece level. Those who have this stock in their portfolio can upgrade the trailing stop loss at ₹370 apiece.”
On the suggestion to the long-term investors regarding Fineotex Chemical shares, Karan Kamdar of Deven Choksey said, “We assign a PE multiple of 30x to arrive at a target price of ₹570. We remain optimistic about the long-term prospects of the company and accord a “BUY” rating on Fineotex Chemical Ltd.”
Ashish Kacholia shareholding
As per the shareholding pattern of Fineotex Chemical Ltd for the October to December 2023 quarter, Ashish Kacholia owns 31,35,568 company shares, which is 2.83 percent of the total paid-up capital of the company. In the July to September 2023 quarter, the ‘Big Whale’ of the Indian stock market was holding the same 2.83 percent stake in the company. This means, Ashish Kacholia remained steady in this chemical stock during Q3FY24. The shareholding pattern of the chemical company for Q4FY24 is still awaited.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 11 Apr 2024, 02:03 PM IST
