The company made this announcement after market hours on Wednesday, 1 February 2012.

Meanwhile, the BSE Sensex was up 43.62 points, or 0.25% to 17,344.20.

On BSE, 37,000 shares were traded in the counter as against average daily volume of 52,109 shares over the past one quarter.

The stock hit a high of Rs 34.60 and a low of Rs 33.25 so far during the day. The stock had hit a 52-week low of Rs 21 on 13 December 2011. The stock had hit a 52-week high of Rs 57.20 on 15 April 2011.

The small-cap stock had underperformed the market over the past one month till 1 February 2012, rising 9.03% compared with the Sensex's return of 11.94%. The scrip had also underperformed the market in past one quarter, falling 10.99% as against Sensex's decline of 1.03%.

The company has an equity capital of Rs 30.59 crore. Face value per share is Rs 2.

Finolex Cables' board of directors at a meeting held on Wednesday, 1 February 2012, approved investment of about Rs 80 crore towards increase/rebalancing of capacities for manufacture of various wire and cable products at its manufacturing units at Roorkee and Urse over the next two financial years.

Finolex Cables' net profit fell 47.7% to Rs 13.70 crore on 2.5% decline in net sales to Rs 492.90 crore in Q3 December 2011 over Q3 December 2010.

Finolex Cables is a flagship company of Finolex Group. The company is engaged in manufacturing of PVC insulated electrical wires and flame retardant low smoke electrical wires, PVC insulated single core and multicore industrial flexible cables, rodent repellent multicore flexible cables, PVC insulated winding wires and 3 core flat cables, XLPE 3 core flat cables, power and control cables, high voltage power cables (upto 33 kV), polyethylene insulated jelly filled telephone cables, auto & battery cables, co-axial and CATV cables, LAN cables, switchboard cables, fibre optic cables and others. The company has manufacturing facilities at Pimpri and Urse in Pune, Maharashtra as well as in Goa and Uttarakhand.