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Polycab India incorporates 'Steel Matrix' as subsidiary in India; Stock gains

The Company holds 75% shares of SMPL.

November 12, 2021 11:20 IST | India Infoline News Service
Polycab
Polycab India Limited has incorporated a Subsidiary in India namely “Steel Matrix Private Limited” on November 11, 2021.

The Authorised capital is Rs1cr while Industry to which the entity being acquired belongs to manufacturing of steel drums and bobbins for cables and wires.

According to the regulatory filing, the company has incorporated SMPL with an objective of securing dependable supply of quality packing materials, improving control over the supply chain and increase the overall operating efficiencies. SMPL will also help to strengthen the backward integration of the Company’s manufacturing process.

At around 11:19 AM, Polycab India was trading at Rs2,502.10 apiece up by Rs3.9 or 0.16% on Sensex.

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PRESTIGE (NSE)

The average score for Prestige Estates Projects Limited stands at 4 against 6, three months back.

Prestige Estates Projects Limited is engaged in the business of real estate development. The Company’s principal products/services include Development and construction

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