Polycab India advanced 4.30% to Rs 720 after the company said its board will meet on Saturday, 2 May 2020, to consider the proposal for investment/acquisition of shares.
On the technical front, the stock's RSI (relative strength index) stood at 35.820. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.
The stock was trading below its 50-day moving average (DMA) placed at 868.52 and its 200-day moving average (DMA) placed at 815.97.
Polycab India's consolidated net profit rose 13.16% to Rs 218.78 crore on a 23.83% jump in net sales to Rs 2,507.31 crore in Q3 December 2019 over Q3 December 2018.
Polycab India is engaged in the business of manufacturing and selling wires and cables, and fast moving electrical goods (FMEG) under the Polycab brand. The company operates through three segments: wires & cables, fast moving electrical goods (FMEG) and others.
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