Finolex Cables was also in focus, rising nearly 7 percent to Rs 567.5, the biggest closing level since December 15, 2021 and formed healthy bullish candle on the daily charts with large volumes. Also there was a big breakout of nearly month long consolidation.
Finolex Cables surged 10 percent to close at Rs 495, the highest closing level since February 9, 2022, and formed a large bullish candlestick pattern on the daily charts with robust volumes.
Sharekhan is bullish on Finolex Cables has recommended buy rating on the stock with a target price of Rs 581 in its research report dated August 17, 2022.
Finolex Cables has been forming higher tops and higher bottoms on the daily chart. It has registered fresh 6 months high with rising volumes.
On the weekly and monthly time frame, Welspun Corp is trending higher forming a series of higher tops and bottoms indicating strong up trend. However with Friday's up move the stock has confirmed "Symmetrical Triangle" breakout at Rs 220 levels. This breakout is accompanied with huge volume spurt indicating increased participation.
Throughout this year, Finolex Cables has been sulking as we witnessed nearly 50 percent retracement of the previous up move to test the Rs 350 mark. Fortunately, the corrective phase ended there and after a brief consolidation, the stock prices started moving upwards.
Nandish Shah of HDFC securities believes that, short term trend of the Nifty remains weak. Therefore, their advice is to remain cautious till Nifty closes above the 17,000 levels.
Short-term trend of the Nifty is weak. Therefore, remain cautious till it closes above the 17,300 levels.
H2FY22E performance is expected to be better, given better vaccination drive and a sharp rebound in economic activities, Geojit Research has said in a report
Geojit recommended accumulate rating on Finolex Cables with a target price of Rs 663 in its research report dated November 24, 2021.
Mahesh Viswanathan, the chief executive of Finolex Cables, described the allegations as false and being spread at the instance of Prakash Chhabria, the cousin of Finolex Cables chairman Deepak Chhabria and chairman of Finolex Industries.
Sharekhan is bullish on Finolex Cables has recommended buy rating on the stock with a target price of Rs 623 in its research report dated July 05, 2021.
Sharekhan is bullish on Finolex Cables has recommended buy rating on the stock with a target price of Rs 475 in its research report dated February 17, 2021.
A family spokesperson for Prakash Chhabria said the Pune Police has registered a case based on Deepak Chhabria’s complaint over a family dispute ongoing since 2016.
Sharekhan is bullish on Finolex Cables has recommended buy rating on the stock with a target price of Rs 450 in its research report dated January 06, 2020.
He believes the worst is over and a V-shaped recovery is seen ahead. In the last two months, there has been a sudden requirement for wires for making harnesses for cars. The company is also planning to enter two other categories in the electrical goods space, Chhabria said.
Jefferies believes that annual report delves deeper into company's focus points for driving next leg of growth adding that spike in March capital was due to lockdown and may revert to normal in FY21.
Sharekhan is bullish on Finolex Cables has recommended buy rating on the stock with a target price of Rs 360 in its research report dated August 20, 2020.
Finolex's Standalone net sales for Q1FY21 came at Rs 377.12 crore, down 53.31 percent from Rs 807.74 crore in June 2019.