Finolex Cables scales record high

Finolex Cables gained 4.04% to Rs 510.10 at 14:00 IST on BSE with the stock extending recent strong surge.

The stock has jumped 10.1% in three sessions to its current ruling price of Rs 510.10, from a close of Rs 463.30 on 23 March 2017.

Meanwhile, the S&P BSE Sensex was up 155.74 points, or 0.53%, to 29,392.89.

On the BSE, 36,810 shares were traded in the counter so far, compared with an average volume of 23,982 shares in the past one quarter. The stock had hit a high of Rs 520 in intraday trade, which is also a record high for the stock. The stock hit a low of Rs 494 so far during the day.

The stock had hit a 52-week low of Rs 255.35 on 20 March 2016. The stock had outperformed the market over the past one month till 27 March 2017, gaining 11.48% compared with the Sensex's 1.47% rise. The scrip had also outperformed the market over the past one quarter, gaining 17.09% as against the Sensex's 11.53% rise.

The mid-cap company has an equity capital of Rs 30.59 crore. Face value per share is Rs 2.

Finolex Cables' net profit rose 37.8% to Rs 68.43 crore on 9.9% rise in net sales to Rs 668.94 crore in Q3 December 2016 over Q3 December 2015.

Finolex Cables, the flagship company of the Finolex Group, is India's largest and leading manufacturer of electrical and telecommunication cables.

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