India's Fineotex Chemical hits record high on Eurodye-CTC deal

Fineotex Chemical

16/09/2021 06:55

** Shares of the chemicals maker  FINE.NS  rise as much as
17% to a record high of 146 rupees
    ** Co said on Wednesday it signed a deal with Eurodye-CTC,
Belgium, to commercialize speciality chemicals for the Indian
market  urn:newsml:reuters.com:*:nFWN2QH0KD
    ** Collaboration includes technology transfers apart from
channelizing Eurodye-CTC's existing business through Fineotex
    ** Eurodye-CIC will transfer all its Indian business to
Fineotex 
    ** Products of Eurodye-CTC will find a huge demand from
Indian companies - FINE
    ** Last week, India govt said it will provide production
incentives of 106.83 billion Indian rupees ($1.45 billion)for
textile sector over 5 years  urn:newsml:reuters.com:*:nFWN2QA00J
    ** Production-linked incentives are part of the country's
effort to create jobs and boost manufacturing
    ** About 3.9 mln shares change hands, 2.5x 30-day avg of 1.6
mln
    ** FINE shares up 87.6% so far this year as of last close

($1 = 73.4600 Indian rupees)

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (Within U.S.
1-646-223-8780, Outside U.S. +91 8067496031); Reuters Messaging:
nallur.sethuraman.thomsonreuters.com@reuters.net))