Finolex Cables shines on eyeing Rs 500 crore revenue from new business vertical by FY22

08 Dec 2020

Finolex Cables is currently trading at Rs. 361.75, up by 5.85 points or 1.64% from its previous closing of Rs. 355.90 on the BSE.

The scrip opened at Rs. 361.10 and has touched a high and low of Rs. 364.45 and Rs. 359.40 respectively. So far 2347 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 429.90 on 17-Jan-2020 and a 52 week low of Rs. 165.00 on 24-Mar-2020.

Last one week high and low of the scrip stood at Rs. 364.45 and Rs. 320.60 respectively. The current market cap of the company is Rs. 5443.11 crore.

The promoters holding in the company stood at 35.92%, while Institutions and Non-Institutions held 25.85% and 38.23% respectively.

Finolex Cables is eyeing at least Rs 500 crore revenue from its new consumer-facing electrical accessories business by the next fiscal (FY22) when it expects total revenue to sniff past Rs 3,500 crore.

Currently, net sales from the company’s new segment, which includes a range of ceiling, table, wall, industrial heavy-duty exhaust, and multi-purpose fans, water heaters, LED- PC panels, cabinet lights and MCCBs, are only under 4 percent. The company entered the new business two years ago with a range of fans and last month it launched anti-bacteria ceiling fans, claiming it be the first in the country.

Finolex Cables is India's largest and leading manufacturer of electrical and telecommunication cables.

Related Finolex Cables Ltd. Links:

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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323