Finolex Industries today announced a 36.05 per cent rise in standalone net profit at Rs 98.04 crores for the first quarter ended 30th June 2016.
Finolex Industries share price made a new lifetime high of Rs 497.50 against the lifetime high of Rs 493.90 it made yesterday. The share price however closed at Rs 460.50, down by 2.30 per cent.The company had also announced a net profit of Rs 72.06 crores in the corresponding period last fiscal.
Total income from operations grew 6.23 per cent to Rs 672.86 crores in the quarter under review from Rs 633.38 crores in the same period a year ago, Finolex Industries declared in filing to BSE.
Finolex Industries share price ended lower by 3.36 per cent at Rs 458.45 on the Bombay Stock Exchange.
Finolex Industries Ltd also informed BSE that the Board of Directors of the Company has decided in a meeting held on 26thAugust, 2016, inter alia, has transacted that Mr. Anil V. Whabi is appointed as additional director in the capacity of whole-time director designated as Director - Finance.
Finolex Group is one of the private sector conglomerate based in Pune of India. The Finolex Group is made of the following Companies- Finolex Cables Limited, Finolex Industries Limited, Finolex J-Power Systems Limited and Finolex Plasson Industries Limited. In July of 1945, two young brothers P.P Chhabria and K.P Chhabria came to Pune from Karachi in search of a livelihood and within six months set up a small shop selling electrical cables. The retail business became quite successful. A sizable order in the mid 1950s from the Defence Department for wire harnesses for trucks and tanks bolstered their confidence and they decided to manufacture Cables, themselves.
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