The uptick in the wires company share price came after it executed an agreement with BSNL worth about Rs 3,003 crore
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
While many consumer durables companies reported disappointing earnings, missing their profit estimates due to lower margins, the EMS players exceeded expectations with strong revenue and profit growth
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 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.
Polycab India share surpassed its previous high of Rs 7,330 touched on June 25, 2024.
The brokerage, however, has maintained its 'Buy' rating on the scrip.
UBS is bullish on Polycab India on the back of better-than-expected domestic volume growth, domestic market share gains, and a distribution-led export business model
Most of the stocks are now seen testing the 20-DMA; trade along this key moving average is likely to dictate the near-term trend for electric wire-related stocks; suggest charts.
These 10 companies had fixed July 09 as the record date for a dividend payout of up to Rs 30 per share.
Shares of Polycab India dropped 5.3 per cent at Rs 6,616 on the NSE in Friday's intraday deals
Polycab share price: The management believes the FMEG industry is poised to accelerate its growth in the FY 2024- 25, driven by steady urban consumption and improved prospects for rural demand.
At 12:02 PM; Polycab India was trading 4% higher at Rs 6,736.80 on the BSE
Cables and wires companies have benefited from a demand surge from the real estate and infrastructure sectors, further aided by the government as it tries to boost the economy
The stock of the cables and wires (C&W) and fast moving electrical goods (FMEG) company has recovered 52 per cent from its low of Rs 3,812.35 hit on January 11, 2024
Consumption of soda, ice creams and dairy products typically jumps sharply during the summer