Heard on the street: Finolex surges on Hitachi Cables stake-buy buzz

Finolex Cables shares surged 4.4% on Monday on buzz that Japan-based Hitachi Cables was planning to purchase a stake in the company.

Market sources said Hitachi was planning to buy around 15% stake in the Pune-based electrical products maker. An email query to Finolex did not elicit a response till the time of going to print.

Amid high volumes, Finolex shares climbed to a month’s high to Rs 43.95 on BSE, before closing at Rs 42.5. Over 5 lakh shares were traded on the bourse against a two-week average volume of 35,000 shares.

(Contributed by Nihar Gokhale)