What has triggered Finolex Industries to reach a new high on 28 June?
Answer
Answer
Finolex Industries rallied 15% on 28 June to scale a high of Rs.199 on the strength of robust quarterly results. Finolex net profits were up 5-fold at Rs.297 crore in the Mar-21 quarter on strong demand coming for PVC pipes and fittings. Finolex reported 63% higher net sales at Rs.1,249 crore for the Mar-21 quarter. EBITDA margins spurted from 13.6% to 33.9% in Q4-2021. The markets also reacted positively to the stock split.