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Finolex Industries share rises 8% on strong Q2 earnings

Finolex Industries share touched an intraday high of Rs 579, rising 8.81% on BSE

twitter-logoBusinessToday.In | October 27, 2020 | Updated 19:09 IST
Finolex Industries share rises 8% on strong Q2 earnings
Finolex Industries stock has gained 10.39% in last four days. Finolex Industries share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

Share of Finolex Industries rose over 8% intra day today after the firm reported a 20.1% rise in Q2 net profit. Finolex Industries share touched an intraday high of Rs 579, rising 8.81% on BSE. Later, the share closed 3.97% to  Rs 553 against previous close of Rs 532.10.

The stock has gained 10.39% in last four days. Finolex Industries share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock opened with a gain of 3.26% at Rs 549.95 on BSE.

The share has gained 1.37% since the beginning of this year and lost 10.21% in one year. Total 0.42 lakh shares changed hands amounting to turnover of Rs 2.34 crore. Market cap of the firm rose to Rs 6865 crore.

Net profit rose to Rs122.83 crore in the quarter ended September 2020 as against Rs 102.27 crore during the previous quarter ended September 2019.

Sales rose 1.58% to Rs 585.78 crore in Q2 as against Rs 576.67 crore during the previous quarter ended September 2019.

Share Market Highlights: Sensex ends 376 points higher, Nifty at 11,522; Kotak Bank, Nestle top gainers

"Subsequent to a Covid-19 induced volume reduction in Q1, the business has witnessed a recovery in Q2 with near-normal operating conditions. Significant improvement in EBIT on yoy basis, attributable to better realisations and lower costs in both the operating segments and higher volume in the PVC resin segment," said Prakash P. Chhabria Executive Chairman.

Meanwhile, benchmark indices shrugged off negative global cues and managed to close higher today. Investor sentiment was upbeat after MSCI said it would rejig its global indices to reflect changes in the India's foreign ownership limits for stocks. Sensex closed 376 points higher at 40,522 and Nifty gained 121 points to 11,889

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