Finolex Cables share price closes in Green post Q2 results

Finolex Cables yesterday announced 64.34 per cent jump in its standalone net profit at Rs 104.8 crores for the second quarter ended 30^th September 2016 helped by higher other income. The company earlier posted a net profit of Rs 63.77 crores for the corresponding period of the previous fiscal.

Total income of Finolex Cables from operations of the company declined to Rs 614.23 crores for the quarter under consideration, down 4.09 per cent, as compared to Rs 640.49 crores for the same period year ago, Finolex Cables said in a regulatory filing to the BSE.

Other income of the company during the quarter doubled to Rs 55.23 crores as against Rs 26.89 crores reported a year ago. Finolex Cables is a leading manufacturer of electrical and telecommunication cables.

Finolex Group is a private sector conglomerate company based in Pune of India. The Finolex Group comprises Finolex Cables Limited, Finolex Industries Limited, Finolex J-Power Systems Limited and Finolex Plasson Industries Limited.

In the month of 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. Their retail business became quite successful. A sizable order in the mid 1950s from the Defence Department for wire harnesses for trucks as well as tanks bolstered their confidence and they decided to manufacture Cables, themselves.

Finolex Cables share price closed at Rs 422.60, up by 0.64 per cent or 2.70 points on the back of the impressive Q2 results. The intraday high and the intraday low were Rs 445.00 and Rs 420.40 respectively. A total of 27,771 shares of the company have exchanged hands on the counter of NSE aggregating to a total amount of Rs 119.25 lacs on 10th November 2016.

Finolex Cables is one of the multibagger stocks recommended by Dynamic Levels. Get the historical share price history of Finolex Cables at Finolex Cables share price history.