India's Finolex Cables surges; brokerages see strong growth prospects

Finolex Cables

18/08/2023 06:21

** Shares of Finolex Cables  FNXC.NS  surges as much as
8.75% to 1,118.15 rupees after multiple brokerages reiterate
"buy" on the cables maker
    ** FNXC to be beneficiary of housing and capex in India;
communication segment to gain from 5G rollout: Jefferies
    ** Jefferies raises EPS estimates by 7-8% over FY24-26
    ** FNXC's wire and cable volumes to rise with gradual
improvement in construction and infrastructure: Phillip Capital
    ** Phillip Capital raises PT to 1,356 rupees from 1,069
rupees 
    ** FNXC reported 33.33% Y/Y rise in consolidated net profit
in June quarter; revenue from operations up 18.51%    
    ** Including day's gains, FNXC up ~103% in 2023 so far
compared to 8.3% rise in the Nifty 500 index  .NIFTY500  

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))