Buy Finolex Cables, target price Rs 440: HDFC Securities

HDFC Securities has buy call on Finolex Cables with a target price of Rs 440. The current market price of Finolex Cables is Rs 412.8. Time period given by analyst is Intra Day when Finolex Cables Ltd. price can reach defined target.

Finolex Cables Ltd., incorporated in the year 1967, is a Mid Cap company (having a market cap of Rs 6307.22 Crore) operating in Consumer Durables sector.

Finolex Cables Ltd. key Products/Revenue Segments include Electrical Cables, Cables, Others, Scrap and Copper Rods for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 1206.80 Crore, up 21.71 % from last quarter Total Income of Rs 991.54 Crore and up 28.74 % from last year same quarter Total Income of Rs 937.38 Crore. Company reported net profit after tax of Rs 67.60 Crore in latest quarter.

Investment Rationale
Stock price has surpassed the previous swing high resistance of 409 with rising volumes.

Promoter/FII Holdings
Promoters held 35.92 per cent stake in the company as of 31-Mar-2022, while FIIs owned 9.36 per cent, DIIs 15.73 per cent.