Finolex Cables stock: Shares of Finolex Cables, a cable business company, saw a rocket-like rise on Friday. Talking about the last trading day of the week, this share rose by 19 percent to reach an all-time high of Rs 1,361. This spectacular rally comes on the back of strong performance in the January-March quarter (Q4FY24). Shares of Finolex Cables have gained over 23 per cent so far this year, outpacing the 5 per cent rise in the benchmark Nifty 50 index during the same period. The 52 week low of the share is Rs 772.30. In June 2023, this stock went to a 52-week low.
Revenue increased by 18.3 percent
Finolex Cables’ revenue from operations grew 18.3 per cent year-on-year to Rs 1450 crore in Q4FY24 from Rs 1226 crore in Q4FY23. Finolex Cables’ EBITDA margin declined 30 basis points (bps) to 11.6 per cent in the March quarter.
Dividend recommendation of Rs 8
The board of Finolex Cables has recommended a dividend of Rs 8 per share at face value Rs 2 for the financial year ending March 2024. This is subject to shareholders’ approval. Let us tell you that this company Finolex Cables is the largest manufacturer of electrical and telecom cables.
Finolex Cables’ wire and cable products are used to make cables for applications like automobile, cable TV, telephone etc. Finolex has added electrical switches, LED-based lamps, fans, low-voltage MCBs and water heaters to its product range.
Details of shareholding pattern
Talking about the shareholding pattern of Finolex Cables, the promoter holds 35.92 percent stake. At the same time, public shareholders hold 64.08 percent shares of the company. Promoter group Orbit Electricals Private Limited holds the maximum 30.75 percent shares. Apart from this the company has 19 promoters.
