Finolex Cables gains on planning Rs 200 crore capex to expand manufacturing capacity in FY24
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Finolex Cables is currently trading at Rs. 868.25, up by 2.20 points or 0.25% from its previous closing of Rs. 866.05 on the BSE.
The scrip opened at Rs. 873.15 and has touched a high and low of Rs. 875.80 and Rs. 866.10 respectively. So far 9020 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 895.00 on 10-Apr-2023 and a 52 week low of Rs. 344.00 on 19-May-2022.
Last one week high and low of the scrip stood at Rs. 876.00 and Rs. 836.10 respectively. The current market cap of the company is Rs. 13305.72 crore.
The promoters holding in the company stood at 35.92% while Institutions and Non-Institutions held 27.81% and 36.28% respectively.
Finolex Cables has planned a Rs 200 crore capex to expand its manufacturing capacity this fiscal (FY24). The Rs 200 crore capex will be deployed over the next few months to enhance the manufacturing capabilities at its Urse plant near Pune. The plant serves the solar power, automotive and optical fibre sectors.
The Urse plant deploys radiation technology equipment to produce solar cables, using controlled electron e-beam technology. This will enable the company to produce high-quality solar cables and add value to the solar power industry.
Apart from electrical and telecom cables, the company also manufactures lighting products, electrical wiring accessories, switchgear, fans and water heaters. It has manufacturing facilities in Pimpri and Urse as well as in Goa and Uttarakhand.
Finolex Cables is India's largest and leading manufacturer of electrical and telecommunication cables.
