Finolex Cables hits a new high
By
Research Desk
about 9 years ago
Finolex Cables hit a new high today at Rs.306.40 and the stock continues to remain strongly in the green, up over 12%. Volumes are up to 4 lakh shares as against two-week average of 41,000 shares.
The stock is reacting positively to the company’s Q3FY15 performance. Net sales rose 4% (YoY) at Rs.578 crore and net profit jumped up from Rs.24 crore to Rs.38 crore. In terms of volumes, electrical wires rose 11% and Power cables rose 10% though automobile cables volumes fell. Communication cables segment also showed a healthy growth rate.