Finolex Industries hits record high on heavy volumes
The stock has rallied 33% in past two days on reporting a robust 41% yoy growth in its net profit at Rs 79 crore for Q4FY13.
Finolex Industries is trading higher by 4% to Rs 124, extending its previous day’s 20% rally, on back of heavy volumes.
The stock of plastic products maker has rallied 33% in past two trading sessions on reporting a robust 41% year-on-year growth in its net profit at Rs 79.34 crore for the quarter ended March 2013, on back of lower raw material and interest cost.
The company sees strong demand for its products i.e. PVC pipes and fittings and PVC resin, as government of India has declared a steep increase in the allocation of Rural Water Management and Irrigation in the 12th Five Year Plan.
The stock opened at Rs 127 and hit a new high of Rs 131 on BSE. A combined 775,286 shares already changed hands on the counter till 1132 hours against an average 360,000 shares that were traded daily in past two weeks.
The stock of plastic products maker has rallied 33% in past two trading sessions on reporting a robust 41% year-on-year growth in its net profit at Rs 79.34 crore for the quarter ended March 2013, on back of lower raw material and interest cost.
The company sees strong demand for its products i.e. PVC pipes and fittings and PVC resin, as government of India has declared a steep increase in the allocation of Rural Water Management and Irrigation in the 12th Five Year Plan.
The stock opened at Rs 127 and hit a new high of Rs 131 on BSE. A combined 775,286 shares already changed hands on the counter till 1132 hours against an average 360,000 shares that were traded daily in past two weeks.