Finolex Cables launches new products to strengthen FMEG portfolio; stock zooms 4 per cent
Finolex Cables Limited today announced a new range of decorative fans and lighting products to strengthen its FMEG portfolio. These exclusive fans have been introduced to time the approaching summer season. The company has also launched inverter LED bulbs & LED concealed downlight to add to its range.
Reacting to this, the company’s stock today increased by 4.73 per cent and made an intraday high of Rs 419.45 per share at 12.09 pm.
Besides, the company reported a net profit of Rs 64.04 crore in Q3FY21, a decrease of 23.11 per cent. It had reported a profit of Rs 83.29 crore in Q3FY20. The company reported net sales of Rs 830.23 crore for Q3FY21, an increase of 18.21 per cent as against the net sales of Rs 702.36 crore for Q3FY20.
Finolex Cables is India's largest and leading manufacturer of electrical & telecommunication cables. The company has recently diversified into the fast-moving electrical goods (FMEG) segment to become a complete electrical products company.
According to BSE data, the stock traded at a P/E multiple of 20.15 and a price-to-book ratio of 2.23. The stock has a 52-week high and a 52-week low of Rs 426.45 and Rs 165, respectively.
At 2.22 pm, the stock of the company was trading at Rs 418.05, up by 4.38 per cent. However, it ended today’s trading session at Rs 417.00, up by 4.12 per cent on BSE.