Finolex Cables share price gains 2% after Jefferies retains buy

Finolex Cables share price gained 2 percent intraday on September 18 after Jefferies maintained a buy call on the stock.

The research firm has retained buy on the stock with a target of Rs 415 per share. It is of the view that the company posted 17 percent YoY growth in net profit despite March disruption in FY20, according to a CNBC-TV18 report.

Jefferies believes that annual report delves deeper into the 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. The research firm likes Finolex's focus on margin-accretive electrical cables and inexpensive valuation.

The stock was trading at Rs 294.70, up Rs 6.80, or 2.36 percent at 09:52 hours. It has touched an intraday high of Rs 294.90 and an intraday low of Rs 292.05.

According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge with FII/FPI or institutions increasing their shareholding.

Moneycontrol technical rating is bullish with moving averages being bulish and technical indicators being neutral.