Purbalee Dutta 
Fineotex Chemical shares surged 8% on Friday following the announcement of a major strategic acquisition in the United States via its subsidiary, marking a significant milestone in the company’s global expansion and ambitions in high-performance, sustainable chemical solutions. The acquired entity, CrudeChem Technologies Group, is a US-based specialty chemical manufacturer specializing in advanced chemical fluid additives and comprehensive solutions for the oil and gas sector.
With over a decade of experience, CrudeChem has established strong customer trust and long-term relationships with leading energy producers and oilfield service providers globally. Fineotex aims to leverage this acquisition to build a $200 million oilfield chemical business in the coming years. Executive Director Sanjay Tibrewala highlighted that the US firm’s technological expertise, customer relationships, and sustainable approach align perfectly with Fineotex’s long-term vision, with the company holding a controlling stake and planning gradual increases in investment and ownership.
On Friday, Fineotex shares closed 6.17% higher at ₹25.46 on the BSE, hitting an intraday high of ₹25.90. Analysts noted the stock’s bounce from key support levels and crossing major moving averages, signaling potential short-term momentum, though overall volumes remain thin and sustained buying will be needed to maintain an upward trend.
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