Finolex Cables gains on planning to set up plant at Urse facility in Pune
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Finolex Cables is currently trading at Rs. 863.00, up by 5.30 points or 0.62% from its previous closing of Rs. 857.70 on the BSE.
The scrip opened at Rs. 869.95 and has touched a high and low of Rs. 873.00 and Rs. 858.70 respectively. So far 3713 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. 13117.61 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 is planning to set up a plant at Urse facility, Pune to produce Optical Fibre Preforms as well as expand on its Fibre draw capacity. The plant with an initial capacity of 100 Tons of Preforms, is being set up at a cost of around Rs 290 crore, and would be funded entirely out of internal accruals. The construction will commence upon receipt of necessary regulatory approvals. The production from this new plant is expected to commence in 15 months approximately from the date of commencement of construction of plant.
Finolex Cables is India's largest and leading manufacturer of electrical and telecommunication cables.
