Finolex Industries stock has gained after three days of consecutive fall. The share of the pipe maker has lost 8.73% in a year and fallen 8.05% since the beginning of this year 
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Finolex Industries stock has gained after three days of consecutive fall. The share of the pipe maker has lost 8.73% in a year and fallen 8.05% since the beginning of this year Shares of Finolex Industries surged 8% today amid the broader market trading in the red. Finolex Industries stock rose 7.97% intraday to Rs 190.95 against the previous close of Rs 176.25 on BSE. The stock was the top gainer on BSE today.
Finolex Industries shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained after three days of consecutive fall.
The stock of the pipe maker has lost 8.73% in a year and fallen 8.05% since the beginning of this year. However, in a month, the stock has surged 22.47%. Total 3.65 lakh shares of the firm changed hands amounting to a turnover of Rs 6.83 crore on BSE.
Market cap of Finolex Industries surged to Rs 11,798 crore today. The midcap stock surged to a 52-week high of Rs 214.75 on December 22, 2021 and a 52-week low of Rs 128 on May 12, 2022.
Loss of the firm stood at Rs 95.38 crore in the second quarter of the current fiscal against a profit of Rs 233.25 crore in the year ago period. Sales slipped 12% to Rs 979.96 crore in Q2 against Rs 1113.46 sales in the corresponding quarter of the previous fiscal.
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After the Q2 earnings, ICICI Securities said profitability of the company in the second half of the current fiscal could be better. In a report dated October 25, 2022, ICICI Securities assigned a buy call and a target price of Rs 181 on the stock.
ICICI Securities said, “We slash our FY23 PAT estimates by 48%, factoring in losses from Q2FY23, but keep FY24E largely unchanged as PVC resin prices have seen significant correction and have limited downside as they are closer to the pre-covid levels. We maintain BUY on the stock with a rolled over Sept'23 SoTP-based target price of Rs 181 (earlier: Rs173). We expect the company’s profitability to normalise going ahead as PVC resin prices stabilise and pipe volumes pick up from both agri and non-agri markets.”
Finolex Industries is a manufacturer of polyvinyl chloride (PVC) pipes and fittings, and PVC resins. The company operates through two segments: PVC resin and PVC pipes & fittings. It has manufacturing facilities in Maharashtra and Gujarat.
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