The announcement was made after market hours on Thursday, 3 March 2011.

Meanwhile, the BSE Sensex was up 137.52 points, or 0.74%, to 18,627.28.

On BSE, 38,000 shares were traded in the counter as against an average daily volume of 48,107 shares in the past one quarter.

The stock hit a high of Rs 49.30 and a low of Rs 47.80 so far during the day. The stock had hit a 52-week low of Rs 42.55 on 10 February 2011. The stock had hit a 52-week high of Rs 66.70 on 22 October 2010.

The stock had underperformed the market over the past one month till 3 March 2011, falling 2.93% compared with the Sensex's 0.22% gain. The scrip had also underperformed the market in past one quarter, sliding 14.77% as against 7.40% decline in the Sensex.

The small-cap communication and electrical cable maker has an equity capital of Rs 30.59 crore. Face value per share is Rs 2.

The proposed joint venture with Corning is expected to be incorporated this year, Finolex Cables said.

Finolex Cables' net profit surged 113.3% to Rs 26.19 crore on 22.2% increase in net sales to Rs 505.32 crore in Q3 December 2010 over Q3 December 2009.