Finolex Cables

NCLAT declines to change Finolex's AGM outcome, ousting Deepak Chhabria

The National Company Law Appellate Tribunal has given a go-ahead to the outcome of the AGM of Finolex Cables, wherein shareholders voted against the reappointment of Deepak Chhabria on the company's board. A two-member bench of the appellate tribunal said the consolidated scrutinizer's report of the AGM of Finolex Cables Ltd (FCL) reflects that 72.34 per cent of votes were against resolution Number 4, which was for the reappointment of Deepak Chhabria. "The decision of the Annual General Meeting (AGM) held on 29.09.2023 on Resolution No.4, which took place during the pendency of this Appeal is not interfered with," the bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra said. Besides, the NCLAT also declined to invalidate the extraordinary general meeting (EGM) of Orbit Electricals in 2019, a holding company of Finolex Cables, in which the Articles of Association (AoA) were amended. The NCLAT has upheld the earlier order passed by the National Comp

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Wire stocks rally: Polycab, Finolex gain up to 200% in 18 mths; key levels

Most of the stocks are now seen testing the 20-DMA; trade along this key moving average is likely to dictate the near-term trend for electric wire-related stocks; suggest charts.

Finolex Cables stock hits record high; zooms 19% on healthy Q4 results

Finolex Cables stock update: The company's board also recommended a dividend of 400% i.e. Rs 8 per share on face value of Rs 2.

Finolex Q4 results: PAT grows 2% to Rs 161 crore, total income up 8%

Pipes maker Finolex Industries Limited has posted about a 2 per cent rise in its standalone profit after tax to Rs 161.43 crore in the March 2024 quarter on the back of higher revenues. It had posted a profit after tax of Rs 158.35 crore in the corresponding period of the preceding fiscal, the company said in a statement on Saturday. The total income from operations during the quarter under review also rose 8.27 per cent to Rs 1,235.42 crore from Rs 1,141.06 crore in the year-ago period, it added. The company's EBITDA fell 3.91 per cent to Rs 208.93 crore in the last quarter compared to Rs 217.43 crore a year ago. Prakash P Chhabria, Executive Chairman, Finolex Industries Limited said, "PVC prices remained stable during the second half of the year, leading to a healthy demand. Our operating performance during the year has been robust and with the company's increased focus on the plumbing and sanitation segment, the same is expected to improve further".

Finolex Cables to double optic fibre cable capacity for Rs 580 cr capital

Finolex Cables on Monday signed an agreement with the Maharashtra industries department to invest Rs 580 crore to more than double its optic fibre cables capacity to 10 million fibre km per year as 5G rollout is leading to higher demand for last mile connectivity. Finolex Cables has an existing capacity of 4 million fibre km per year which will touch 10 million fibre km per year after the commissioning of the new plant. The new plant will be solely catering to fibre optic cables, the company said in a statement. The statement did not specify where the project will come up or when the work will begin and be completed. This expansion initiative encompasses installation of fibre draw towers and the implementation of backward integration for producing glass pre-forms, crucial in the fibre drawing process. With this, Finolex Cables will be the second company in the country to manufacture glass preforms, a vital component for optical fibre production. The proposed upgrade will see the d

Finolex Cables case: NCLAT bench wilfully defied our order, says SC

The Supreme Court on Monday held that a National Company Law Appellate Tribunal (NCLAT) bench comprising judicial member Rakesh Kumar and technical member Alok Srivastava wilfully defied its October 13 order by going ahead with the pronouncement of their verdict in the Finolex Cables case. A bench headed by Chief Justice D Y Chandarchud and Justices JB Pardiwala and Manoj Misra, however, closed the contempt proceedings against Kumar and Srivastava. It took note of the fact that the judicial member has resigned from his post and Srivastava, who only followed the direction of Kumar, tendered an unconditional apology. We are of the view that there was an attempt to defy the orders of this court, the bench said. The bench, however, imposed a cost of Rs one crore on Deepak Chhabria, one of the parties to the corporate dispute, and Rs 10 lakh on a scrutinizer for their role in the case and said the amount be paid in four weeks. The amount will be deposited with the Prime Minister's reli

SC summons 2 NCLAT members for defying order, slams 'rot' in tribunal

A bench, which also had justices J B Pardiwala and Manoj Misra, asked the two NCLAT members to appear before the Supreme Court on October 30

Finolex case: SC issues notices to NCLAT judicial member, technical member

In an unusual move, the Supreme Court on Wednesday issued notices to the National Company Law Appellate Tribunal judicial member Rakesh Kumar and technical member Alok Srivastava, asking them why contempt proceedings be not initiated against them for defying apex court orders in Finolex Cables disputes matter. A bench headed by Chief Justice DY Chandrachud took strong exception to the passing of a judgement by the NCLAT bench. The top court set aside the NCLAT bench's October 13 judgement relating to the annual general meeting (AGM) of Finolex Cables without going into its merit. The bench also comprising Justices JB Pardiwala and Manoj Misra said the case would be heard by NCLAT chief Justice Ashok Bhushan. "NCLAT has got down to a rot now. This case is an illustration of that rot.We are prima facie of the view that the members of the NCLAT have failed to disclose correct facts. "We are of the view that it is necessary to pass orders to ensure that the dignity of this court is ..

Prakash Chhabria-led Orbit moves SC over Finolex Cables non-disclosure

Cousins Prakash and Chhabria have been at odds over gaining control of Finolex Cables, a $2-billion pipe and cable manufacturer.

JSW Infra gains 32% on market debut; Finolex Cables withholds results

Through the IPO, JSW Infrastructure raised Rs 2,800 crore in fresh capital, which it plans to use for paring its debt

Shares of Finolex Cables jump over 6% after Supreme Court judgement

Shares of the company last traded at Rs 1,194, up 6.6 per cent over its previous day's close. Experts said traders are lapping up the stock in anticipation of a change in guard at the company

Supreme Court allows Orbit Electricals to vote in Finolex Cables' AGM

The dispute is related to the executive control of Finolex Cables involving the cousins Prakash and Deepak Chhabria

InGovern seeks deferment of two resolutions floated by Finolex Cables

Says corrigendum notice not issued 21 days prior to AGM

Finolex Cables net profit rises 39% to Rs 132.2 cr in Q1, revenue up 19%

Electrical and communication cable manufacture Finolex Cables on Monday reported a 39 per cent rise in its net profit at Rs 132.2 crore in the April-June quarter. The company had reported a net profit of Rs 95.6 crore in the trailing 12-month period. The Pune-headquartered company in a statement said its revenue for the quarter rose 19 per cent to Rs 1,204.3 crore from Rs 1,015.7 crore recorded in the corresponding period of FY23. In volume terms, its flagship electrical wires rose 29 per cent, while power cables increased 3 per cent. Within the communication cables segment, volume of metal-based products improved 17 per cent during the quarter and optical fiber cable volume grew 50 per cent. Volume growth in new products within the FMEG (fast moving electrical goods) segment was marginal due to continued inflationary pressures affecting consumer sentiment, the company added. The expansion plans under which it is setting up a preform facility, OFC capacity expansion and E-beam ...

Finolex Cables to invest Rs 200 cr to expand manufacturing capacity this yr

Finolex Cables, a leading manufacturer of electrical and telecommunication cables, on Wednesday announced a Rs 200-crore capex to expand its manufacturing capacity this fiscal. The Pune-based company said the Rs 200-crore capex will be deployed over the next few months to enhance the manufacturing capabilities at its Urse plant near Pune. The plant serves the solar power, automotive and optical fibre sectors. The Urse plant deploys radiation technology equipment to produce solar cables, using controlled electron e-beam technology. This will enable the company to produce high-quality solar cables and add value to the solar power industry. Apart from electrical and telecom cables, the company also manufactures lighting products, electrical wiring accessories, switchgear, fans and water heaters. It has manufacturing facilities in Pimpri and Urse as well as in Goa and Uttarakhand.

Finolex Cables expects to more than double turnover to Rs 11,000 cr

Finolex Cables, which leads the electrical and communication cables segments, hopes to net Rs 500 crore in revenue from each of the five fast-moving consumer electrical segments it recently entered, by fiscal 2028, which will also help it more than double its present revenue. The Pune-headquartered company made around Rs 200 crore, or about 5 per cent of its top line last fiscal from these segments. It also expects to more than double its turnover to Rs 11,000 crore by that time, which is likely to sniff at Rs 5,000 crore this fiscal going by the first nine months' numbers with the December quarter alone crossing Rs 1,150 crore. The company entered the fast moving consumer electric segment in 2020 and have already made some good traction with our switches, ECBs, fans, lightings, and water heaters. Last year we closed with around Rs 200 crore, or about 5 percent of the top line. "Over the next five fiscals, we hope to make Rs 500 crore from each of these five new products or about 25

Stock of this company hits over 3-decade high; zooms 55% in one month

Finolex Cables has rallied 10 per cent to Rs 847.60, and trades at its highest level since March 1992.

Finolex Cables hits over 4-yr high; stock up 15% in a week post strong Q3

Finolex Cables said that the Union budget 2023 direct benefits to various segment of the company

Near term margins may remain subdued for Astral, high valuation weighs

The company underperformed peers on the volume front in Q2, though margin impact was lower given value-added mix