Shares of Finolex Cables jumped close to 7% on Friday to hit an intraday high of ₹1,098.
What Happened: The shares of the company are surging today as global research firm Jefferies maintained its ‘buy’ rating on the stock, raising the price target to ₹1,270 from ₹1,025. The revised price target indicates an over 23% upside from the stock’s last closing price of ₹1,028.20.
The firm said that the company stands to benefit from the housing market and telecom market.
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The analysts expect the company’s communication segment to benefit from the 5G rollout.
The firm expects the HDFC Group-backed – two HDFC Group entities, HDFC Life Insurance and HDFC Mutual Fund hold stakes – company’s PAT and sales to grow at CAGRs (compound annual growth rate) at 22% and 19% over FY23-26.
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Price Action: Finolex Cables’ share price was up 5.43% to trade at ₹1,084.05 in early trade on Friday.
