Fine Organic gains on bargain buying

Fine Organic Industries rose 1.18% to Rs 2858.90 amid value buying.

The stock declined 5.80% in the past eight sessions to end at Rs 2,825.60 on 18 June 2021, from its recent closing high of Rs 2,999.70 recorded on 8 June 2021.

In the past three months, the stock has added 28.19% while the benchmark Senex has advanced 4.48% during the same period.

On 6 May 2021, Fine Organic Industries (FOIL) had executed a joint venture agreement with Oleofine Organics Thailand Company (OFT) and Oleofine Organics Sdn Bhd. (OFM).

The companies had executed the joint venture agreement for incorporation of a new joint venture company (JVC) in Thailand for the purpose of operating business which will be mainly engaged in the business of manufacturing of speciality chemical products and supplying, exporting and distribution of such products.

FOIL would hold 45% stake in JVC while OFT and OFM would hold 45% stake and 10% stake, respectively. OFT and OFM who are parties to JV have also been disclosed in promoter group of FOIL.

Offering updates on the same, Fine Organic said that the company has subscribed, by way of cash consideration, to 22,500 ordinary shares at a par value of THB (Thai Baht) 100 per share.

Fine Organic Industries is engaged in the manufacturing of oleochemical additives for various end-user industries such as foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, lubes etc.

The company's consolidated net profit fell 7.48% to Rs 31.79 crore on a 30.57% rise in sales to Rs 322.88 crore in Q4 FY21 over Q4 FY20.

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