Stock Market News: After excellent quarterly results, shares of Finolex Cables are continuously rising. On Monday, once again there was a race to buy the company’s shares. On the first trading day of the week, the company’s shares Finolex Cables Ltd managed to reach a record high of Rs 1510 on BSE with a rise of 17.72 percent. This is also the 52 week high of the company. Let us tell you, in just 2 trading days the company has been successful in achieving a rise of more than 25 percent in the share prices.
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On Friday, shares of Finolex Cables had risen by 19.1 percent to reach Rs 1363.30. Whereas it closed at the level of Rs 1282.60 on Friday with a gain of 12.11. At the same time, on Monday, the company’s shares closed at the level of Rs 1457.05 in BSE with a rise of 13.60 percent.
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Investors happy with company’s strong quarterly results
In the information given to the stock markets, the company has said that the total net profit in the last quarter of the last financial year was Rs 186.10 crore. Whereas in the same quarter a year ago, the company had made a profit of Rs 175 crore. That means the company’s net profit has increased by 6.3 percent on an annual basis.
If we compare the December quarter to the March quarter, the profit of Finolex Cables has increased by 23 percent. Let us tell you, the total revenue of the company from January to March 2024 has been Rs 1450.69 crore.
The company is distributing dividends
The company has also announced dividend along with quarterly results. The company is giving a dividend of Rs 8 on a share with face value of Rs 2. Investors have made a profit of 400 percent on every share. Let us tell you, in the last one year, the company’s share prices have seen an increase of more than 70 percent.
