Finolex Cables rallies on over two-fold jump in Q4 net

Declares a dividend @ 40% for the financial year 2011-12

Finolex Cables has rallied 9% to Rs 36.70 after reporting more than double net profit at Rs 44.60 crore for the quarter ended March 2012. The company had recorded a net profit of Rs 18.70 crore in the year ago quarter. Net sales grew 12% at Rs 597 crore on year-on-year basis.

Meanwhile, the board of directors of the company has recommended a dividend @ 40% or Rs 0.80 per equity share of Rs 2/- each fully paid up for the financial year ended March 31, 2012.

The stock opened at Rs 35.60 and touched high of Rs 39.30 on the National Stock Exchange. A combined more than one million shares have already changed hands on the counter till early noon deal trades, against an average around 102,000 shares that were traded daily in past two weeks on both the exchanges.