The company’s entry into the family settlement agreement has been made, which is likely to propel the stock price higher.
Himadri Specialty Chemical Limited (HSCL), formerly known as Himadri Chemicals & Industries Limited, is engaged in the manufacture of various grades of coal tar pitch and other by-products derived from the distillation process.
The headline has garnered 38% mind blog returns over the past week. Moreover, this rise was seen thanks to a robust volume of almost four times the 50-week average volume of 4.31 crores, underlining a strong participation on the buyer side.
The stock is trading above its major moving averages such as 20, 50, 100 and 200-DMA. Also, it has formed a significant bullish candle on the weekly chart. Interestingly, the stock had a faster retracement as it suffered a 35% correction in 11 weeks and retraced its entire decline in just two weeks, signaling strength as well as a robust price structure.
Over the weekend, a special announcement regarding the company’s entry into the family settlement agreement was made, which is expected to boost share prices.
The BLC family, comprising Bankey Lal Choudhary, Vijay Kumar Choudhary and Tushar Choudhary cease to hold any rights in the management and/or control of the company and have also submitted an application/request under Rule 31A of the Listing Rules SEBI to upgrade from promoter & promoter group to public category.
In line with the realignment, the SSC family, led by Anurag Choudhary as Managing Director and CEO, will continue to manage and control the business.
Furthermore, the stock climbed 82% on a YTD basis while on an MTD basis it jumped over 30%.