The company made this announcement on Saturday, 18 December 2010.

Meanwhile, the BSE Sensex was down 88.05 points, or 0.44%, to 19,776.80.

On BSE, 20,547 shares were traded in the counter compared with the average volume of 1.99 lakh shares in past one quarter.

The stock hit a high of Rs 97.50 and a low of Rs 94.85 so far during the day. The stock hit a 52-week high of Rs 128.50 on 13 October 2010 and a 52-week low of Rs 51.25 on 23 February 2010.

The mid-cap stock had underperformed the market over the past one month till 16 December 2010, declining 18.65%. The BSE Sensex had remained unchanged over the past one month till 16 December 2010. The scrip had also underperformed the market in past one quarter, falling 10.11% as against 2.30% rise in the Sensex.

The company has an equity capital of Rs 124.53 crore. Face value per share is Rs 10.

The project is expected to be completed within a period of two years from the date of commencement, Finolex Industries said in a filing with BSE.

Finolex Industries' net profit rose 18.6% to Rs 15.90 crore on 27.4% rise in net sales to Rs 343.70 crore in Q2 September 2010 over Q2 September 2009.