India's Finolex Cables may see demand improving in H2 - Jefferies

Finolex Cables

29/11/2023 07:35

** Brokerage Jefferies says second-half demand for India's
Finolex Cables  FNXC.NS  may outpace that for fiscal first half,
aided by construction boost   
    ** Adds capacity expansions and better traction in
margin-accretive segments like construction, agriculture could
support growth 
    ** Copper prices stabilised in November from a softer
October; FNXC took price cuts worth avg. 3%-4% in October - note
    ** Jefferies highlights healthy scope in extra high voltage
segment; flags muted communication segment on delayed orders,
soft fiber prices
    ** Brokerage retains "buy" with PT at 1,245 rupees, implying
31% upside 
    ** Stock last up 0.9%, taking YTD gains to ~75% 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))