Polycab hits record high; jumps 31% in eight days

Polycab India jumped 4.72% to Rs 2,437.55, extending gains to eighth consecutive trading session.

Shares of Polycab India have rallied 31.2% in eight trading sessions from its previous closing low of Rs 1857.80 on 26 August 2021. The counter hit a record high of Rs 2,502 in intraday today. The stock has zoomed 206.6% from its 52-week low of Rs 795 recorded on 22 September 2020.

The stock outperformed the market over the past one month, rising 28.56% compared with 7.4% rise in the Sensex. On the BSE, 60,460 shares were traded in the counter so far compared with average daily volumes of 49,157 shares in the past two weeks.

On the technical front, the stock's RSI (relative strength index) stood at 86.368. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock is trading above its 50 and 100 days simple moving average placed at 1936.93 and 1796.53 respectively. These levels will act as crucial support zones in near term.

Polycab India manufactures and sells various types of cables, wires, electric fans, LED lighting and luminaires, switches and switchgears, solar products, pumps and conduits and accessories. The company caters to various public and private institutions across a diverse set of industries, as well as retail customers through its B2C business.

On a consolidated basis, the company's net profit dropped 35.97% to Rs 75.26 crore on 92.55% rise in revenue from operations to Rs 1,880.51 crore in Q1 June 2021 (Q1 FY22) over Q1 June 2020 (Q1 FY21).

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