This Article is From May 09, 2014

Finolex Cables Hits Record High on Earnings

Finolex Cables Hits Record High on Earnings

Shares in Finolex Cables Ltd gain as much as 9.2 per cent to hit a record high of 152.20 rupees after having risen 9.9 per cent on Thursday when the maker of cable and wires reported better-than-expected earnings in the January-March quarter.

Domestic brokerage Sharekhan increased its price target for Finolex to Rs 180 from Rs 152 and retained a "buy" rating in a research note dated May 8.

Sharekhan called Finolex's cash flow "hefty" and said after a debt repayment of Rs 540 million ($9.00 million), the company had a "stronger balance sheet."

($1 = 60.0050 rupees)

Copyright: Thomson Reuters 2014