The uptick in the wires company share price came after it executed an agreement with BSNL worth about Rs 3,003 crore
Derivatives market data shows that open bets in Nifty and Bank Nifty futures declined up to 8% yesterday; with FIIs covering some short bets, however they still hold significant shorts positions.
Meanwhile, technical charts of the new entrant UltraTech Cement in the wires & cables business indicates a likely downside risk of up to 17% for the stock.
Shares of Polycab, KEI, Havells India and R R Kabel slumped up to 15% after UltraTech announced its foray into wires & cables segment with an investment of Rs 1,800 crore over the next 2 years
Technical charts of Polycab India, Voltas, KEI Industries and Lodha show the formation of a bearish pattern, namely 'Death Cross' on the daily scale; hence these stocks may see further downside.
Demand for cables was healthy, however, downward trend in copper prices and high channel inventory of wires at the beginning of the quarter led to slowdown in the wires business, the company said
Total expenses rose 19.90 per cent at Rs 4,634.5 crore as compared to Rs 3,865.06 crore in the year-ago period
The broader markets bled for the second consecutive day on Wednesday, falling over 5 per cent in the last two trading sessions
The deal's tenure includes 3 years for construction and 10 years for maintenance contracts at 5.5 per cent per annum of capex for the first 5 years and 6.5 per cent per annum for the next 5 years
Nuvama Alternative & Quantitative Research in its early predictions on AMFI semi-annual categorization expects RVNL, Polycab India and 5 other stocks to be upgraded to large-caps.