Finolex Industries shares rally over 9% today on heavy volumes

Shares of Finolex Industries surged 9.62% to ₹190.84 in Monday’s session, driven by heavy trading volumes and strong buying interest. The stock hit an intraday high of ₹197.00, compared to a previous close of ₹174.10, before settling slightly lower.

According to available data, over 2.31 crore shares changed hands on the NSE, significantly higher than the average volume of 6.77 lakh, indicating heightened investor interest. The stock’s traded value stood at ₹192.20 per share, and the company’s market capitalization reached ₹10,765 crore. This spike comes after a mixed week for the counter, with Finolex stock closing lower on most days last week. However, it had posted a 5.57% gain on Tuesday, March 18, indicating early signs of bullish momentum.

On clarification regarding the sudden volume movement, Finolex Cables, a group company, last week stated that it has disclosed all events and information as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. “There is no pending information/announcement with us which will have bearing on the price or volume behaviour in the scrip,” the company noted in its exchange filing.

Finolex Industries, known for manufacturing PVC pipes and fittings, reported a revenue of ₹4,206 crore in the last 12 months and has a P/E ratio of 14.78 with a dividend yield of 1.31%.