After the I-T department raids 50 locations, shares of Polycab India decline.

Share price of Polycab India as of right now: On the BSE, Polycab India shares decreased 3% to Rs 5450. On Friday, the company’s market value dropped to Rs 82,932 crore.

After the Income Tax Department’s investigation unit searched about 50 sites connected to the company across the nation on Friday, shares of Polycab India Ltd fell 3% in early trading. There were also rumors of raids on the homes and offices of top managers connected to the cables and wire maker. The BSE saw a 3% decline in Polycab India shares, to Rs 5450. In the previous session, the stock finished at Rs 5620.60.

A total of 0.29 lakh Polycab India shares were traded, generating a BSE turnover of Rs 16.14 million. On Friday, Polycab India’s market value dropped to Rs 82,932 crore.

The shares of Polycab India increased 113% in 2023 after rising 109% in just one year. The wire and cable manufacturer’s shares have increased 449.31% in just three years, providing investors with multibagger profits.

Technically speaking, Polycab India’s relative strength index (RSI) is 60.6, indicating that the stock is not trading in the overbought or oversold range. With a one-year beta of 0.2, the stock shows extremely little volatility over that time. The price of Polycab India’s stock is higher than the 20-, 50-, 100-, and 200-day moving averages, but lower than the 5- and 10-day moving averages.

The cable and wire manufacturer recorded a 59% increase in profit to Rs 426 crore for the September quarter. The profit for the quarter ending in September 2022 was Rs 268 crore. Revenue increased by 26.5% to Rs 4218 crore in the second quarter of 2022 from Rs 3332 crore in the previous quarter.

India’s largest wire and cable maker is Polycab India Limited. The company operates 23 manufacturing sites, more than 15 offices, and more than 25 warehouses throughout India.

Leave a Reply

Your email address will not be published. Required fields are marked *