India's Finolex Cables hits record high after Q4 profit rise

Finolex Cables

24/05/2024 08:49

** Shares of Finolex Cables  FNXC.NS  rise as much as 19.2%
to hit record high at 1,363.30 rupees
    ** Stock marks sharpest intraday pct gain since Nov. 8, 2012
   
    ** FNXC on Thursday before markets closed reported 6.3% Y/Y
rise in Q4 consol net profit while rev from ops grew 14.4% Y/Y
    ** Co also declared a dividend of 8 rupees per share
    ** Jefferies, while maintaining its "buy" rating on the
stock, has raised it TP to 1,390 rupees from 1,230 rupees
    ** Stock is witnessing its most active trading session since
May 25, 2021 with more than 5.5 mln shares change hands, 16.7x
of 30-day avg
    ** Avg rating of 5 analysts equivalent of "strong buy",
median PT is 1,130 rupees - LSEG data
    ** Stock up 22.5% YTD


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))