Finolex Cables climbs on plans to set up a Rs 290-crore plant in Pune

The plant, with an initial capacity of 100 tons of preforms, is being set up in Pune and would be funded entirely out of internal accruals, Finolex Cables has said

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The shares of Finolex Cables rose about two percent in the morning trade on April 21 after the company said it would set up a plant in Pune to produce optical fibre preforms and expand on its fibre draw capacity.

The plant, with an initial capacity of 100 tons of preforms, is being set up at a cost of approximately Rs 290 crore and would be funded entirely out of internal accruals, the company said in a regulatory filing.

The construction will commence once necessary regulatory approvals come in, while the production is expected to begin in 15 months from the date of commencement of the construction of plant, it added.

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“The plant’s capacity would be scalable and would be expanded at a later date subject to market requirements,” Finolex Cables said in the release.

The expansion plans of the company come at a time when the demand for solar cables, automotive cables, and optic fiber cables is growing.

With an increase in commodity prices in January 2023, the wires & cables segment witnessed strong volume growth over a favourable base of last year. However, the higher base of last year and pre-buying in January impacted the volumes in February, while March saw a pickup in volumes, according to PhillipCapital.

According to the brokerage firm, the industry has taken a price increase of 3-5 percent in Q4 of FY23.

At 9.20 am, the stock was up 0.5 percent at Rs 862.35 on the BSE.

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