This Industrial Plastics stock jumped 7% on Monday within the first hour of markets open post AGM filing on BSE. The stock rallied with more than 7x weekly average volumes and nearly 10x the monthly average volumes.
The stock is also experiencing strong technical trends, indicated by above average volumes and strong bullish candlestick, reinforced by the fact that the stock trades 13% above 20 and 33% above 200 day moving average with the 10 day EMA as support.
Finolex Industries Ltd (“Finolex”) filed its Annual General Meeting (“AGM”) outcome on Monday post market hours. The company has increased its capacity, which will add an incremental expansion of 12,000 tons per annum. This was done by setting up a fourth plant in Talegaon, Maharashtra. The filing also said the company has reduced carbon emissions across its product lines by 7% to close to 8,500 tons.
In the same meeting, Finolex board approved a final dividend of Rs. 1.5 per share Finolex also reported an increased employee strength by 7.50%, and that they have conducted training and skill upgradation programs for almost 100% of the current workforce.
Finolex stock has been on an uptrend since its serious low in November 2022. The company’s prominent shareholder includes Anuj Anantrai Sheth and Associates holding 4.5% stake. The company’s promoter holdings has remained stable over the past 4 quarters at 52.5% and no pledges. FIIs & DIIs hold 18% and the rest are retail/ public holdings. The stock also has no short interest with a low relative idiosyncratic volatility indicated by a beta of 0.63.
Finolex Industries manufactures and markets polyvinyl chloride (PVC) pipes and fittings and PVC resins in India. The company’s distribution channels include retail outlets and through dealers. It was founded in Pune, India in 1956.
Written by Sandeep R
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
