India's Finolex Cables rises nearly 10% to hit record high

Finolex Cables

03/03/2023 08:40

** Shares of wires and cables maker Finolex Cables Ltd
 FNXC.NS  rise as much as 9.8% to 777 rupees, hitting a record
high
    ** Posts sharpest intraday pct gain since Feb. 15
    ** Stock above its 50-, 100- and 200-day moving simple
averages
    ** Relative Strength Index at 73.797 indicating stock is
overbought
    ** Moving Average Convergence Divergence line above signal
line, suggesting bullish bias
    ** Management's comments on positive Q3 operational
performance and strong demand likely to help Q4 results- Equirus
Securities analyst Manoj Gori 
    ** Hopes of resolution of legal tussle between MD Deepak
Chhabria and Finolex Industries Chairman Prakash Chhabri also
aiding sentiment - Gori
    ** More than ~2.1 mln shares traded by 1:50 p.m. IST, 2.9x
30-day avg of 723,272 shares - stock's most active trading
session since Feb. 23
    ** Six of 7 analysts rate stock "buy" or "strong buy", one
recommends "hold"; median PT 703 rupees - Refinitiv data
    ** Stock last up 9%, extending YTD gains to 41%


 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))