The Hindu Business Line : Copper fall drives Finolex Cables

A marginal drop in domestic copper prices was all it took for the Finolex Cables stock to hit a new 52-week high of Rs 422.60 intra-day on the BSE. Brokers said copper and zinc had led the plunge in metal prices in London, with copper for delivery in three months on the LME falling 9 per cent to $7,700 a tonne. The subdued domestic trend in copper on Monday aided in the counter's upswing. Copper is the basic raw material at Finolex Cables. Commodity brokers, however, believe the correction was long overdue and may not be sustained. The stock closed at Rs 392, up 8.33 per cent, on the BSE with over a lakh shares traded.

Deeptha Rajkumar

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