Finolex Industries reverses previous session's losses

Finolex Industries rose 3% to Rs 472.20 at 15:22 IST on BSE, with the stock reversing losses registered during the previous trading session in the wake of the announcement of good Q1 June 2016 results.

Meanwhile, the BSE Sensex was up 111.99 points, or 0.40%, to 27,894.24.

On BSE, so far 26,000 shares were traded in the counter, compared with average daily volume of 16,545 shares in the past one quarter. The stock hit a high of Rs 488 and a low of Rs 466.15 so far during the day. The stock hit a record high of Rs 497.50 on 26 August 2016. The stock hit a 52-week low of Rs 247.95 on 23 September 2015. The stock had underperformed the market over the past 30 days till 26 August 2016, sliding 2.46% compared with 1.51% slide in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 18.71% as against Sensex's 4.23% rise.

The mid-cap company has equity capital of Rs 124.10 crore. Face value per share is Rs 10.

The Q1 result was announced during market hours on Friday, 26 August 2016. On that day, the stock fell 3.36% to settle at Rs 458.45 after rising as much as 4.87% in intraday trade.

Finolex Industries' net profit rose 36.1% to Rs 98.04 crore on 6% rise in net sales to Rs 665.93 crore in Q1 June 2016 over Q1 June 2015.

Finolex Industries is the largest PVC pipe manufacturer in India.

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