polycab

HSBC downgraded Avenue Supermarts citing margin pressures, while Macquarie maintained an outperform rating on HPCL after strong quarterly earnings. Morgan Stanley remains overweight on KEI Industries, highlighting robust cable and wire revenue growth. Jefferies reiterated a buy rating for polycab, noting market share gains and strong sales.

Adani Group and Aditya Birla Group are set to enter the high-growth wires and cables sector, challenging an industry dominated by smaller, unorganized players. This move is expected to disrupt the market significantly. Both conglomerates have invested heavily, with Adani forming a joint venture and Aditya Birla announcing a major investment and plans for a new plant.

At 10:24 am, the shares of the company were trading 21.76 per cent up at Rs 655.05 on the BSE index. Last week, the initial public offering (IPO) of polycab India was subscribed 51.65 times on the final day of bidding on Tuesday. The public offer was opened for subscription during April 5-9 with a price band of Rs 533 to Rs 538.

The company manufactures and sells wires and cables as well as fast moving electrical goods. The initial share sale would open on Friday and close on April 9.

According to CBDT claims, credible evidence recovered during the search indicated that the flagship company engaged in unaccounted cash sales of approximately Rs 1,000 crore, which were not recorded in the books of accounts.

UltraTech Cement, part of the Aditya Birla Group, is acquiring Kesoram Industries from the BK Birla Group with a share swap ratio of 1:52. This acquisition, effective from March 1, values Kesoram at Rs 7,600 crore. UltraTech will also enter the wires and cables market with a Rs 1,800 crore investment. Kesoram's cement units will increase UltraTech's capacity to 149 mtpa.

Mumbai, Aug 11 () Commodity trading firm Trafigura Group Pte Ltd and cable producers polycab Wires today announced a joint venture to set up production facility in Gujarat for copper wire rod production.

The workers have alleged that the company gave Rs 16,800 to each as Diwali bonus, according to government norms, which is double than what they used to receive it every year.

Workers of all the seven units of Halol-based polycab Wires Limited (PWL) joined the indefinite strike that entered the second day but the company claimed that the production was not hit.

New Delhi, Apr 9 () The initial public offering (IPO) of wires and cables manufacturer polycab India Ltd was subscribed nearly 52 times on the final day of bidding Tuesday.

Mumbai, May 14 () Wires and cables manufacturer polycab India Tuesday reported a 27.26 per cent decline in its consolidated net profit to Rs 137.25 crore for the fourth quarter ended March 31, mainly on the back of an increase in expenses.

New Delhi, Jan 28 () State-owned ITI Ltd has received Sebi's go-ahead to float a follow-on public offer (FPO), a move that will help the telecom PSU meet the minimum 25 per cent public shareholding norm.

Keeping up with its theme of 'building competitiveness', the Confederation of Indian Industry (CII) organized its best kaizen competition 2016 for the year 2016-2017 on Friday.