Torrent Power, Finolex Industries hit 52-week high

Thus far in 2016, Torrent Power has zoomed 44% and Finolex Ind has surged 22% as compared to 5% decline in Sensex

Shares of Torrent Power and Finolex Industries were trading higher by over 2% each, hitting their respective 52-week highs on the BSE.

Torrent Power surged 3.3% to Rs 250, extending its previous day’s nearly 6% rally on the BSE, after the company declared interim dividend of 45% or Rs 4.50 per equity share of Rs 10 each for the financial year 2015-16.

Read more from our special coverage on "TORRENT POWER"

• Torrent Power gains after board declares interim dividend

The interim dividend which will be paid dispatched from March 23, 2016, is 200% higher as compared to previous year. The company had paid a total dividend of Rs 1.5 per share (15%) during the previous financial year 2014-15.

Finolex Industries gained 2% to Rs 367 on the BSE in intra-day trade. Post Budget, the stock soared 20% as compared to 8% gain in the S&P BSE Sensex.

Government’s focus on increasing irrigation in non rain-fed areas through ‘Pradhan Mantri Krishi Sinchai Yojana’ (allocation of Rs 500 billion) is expected to increase demand for PVC pipes and keep the industry growth strong over the next 5 years.

Measures like unified agricultural market, Rs 9 trillion target for farm loans and investment in rural infrastructure to benefit the company, while ‘Housing for All‘ by 2022 to provide 20 million houses in urban areas and 40 million houses in rural areas, in turn generate fresh demand for pipes, Finolex Industries said in a investor presentation.

Thus far in 2016, Torrent Power zoomed 44%, while Finolex Industries surged 22% as compared to 5% decline in the S&P BSE Sensex.