Finolex Cables shares fall 5% after rallying 20% during Muhurat Trading session. More upside ahead?
Finolex Cables shares fell after a 20% upper-circuit rally during Sunday's Muhurat Trading session, giving back some of the Rs 3,334 crore market-cap gain. The sharp rally followed a strong Q2 performance, with consolidated net profit rising 68% YoY to Rs 273 crore and revenue growing 65% to Rs 2,269 crore.
Finolex Cables' stock price fell by 5% on Monday after surging 20% during the Muhurat Trading session on Sunday, which usually sees lower trading volumes. The stock closed at Rs 1,309 on Sunday, but dropped to Rs 1,246 on the NSE on Monday morning. The sharp rally added over Rs 3,334 crore to the company's market capitalization.
However, this gain was partially erased in Monday's decline. Finolex Cables reported a 68% year-on-year increase in consolidated net profit to Rs 273 crore in Q2 of the 2027 financial year, while revenue from operations also jumped 65% YoY to Rs 2,269 crore. The electrical cables business saw a 65% YoY increase in revenue, and communication cables more than doubled.
However, copper rods revenue dropped significantly. Jefferies maintained a 'Buy' rating on the shares with a target price of Rs 1,410, suggesting around 8% upside potential from the previous closing price. The stock has gained over 60% in 2026 and 65% in one year, with gains of over 34% in three years and 156% in five years.
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