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Finolex Cables Hits Record High on Earnings

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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



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