Polycab India shares worth Rs 2,716.5 crore change hands in block deals

28 Jun 2024 , 01:41 PM

On June 28, Polycab India’s 2.74% equity stake was sold in block deals amounting to ₹2,716.5 Crore. The block deal involved 40.5 lakh shares of Polycab India.

Polycab India’s stock dropped 2.5% on June 27 to close at ₹6,998.6. Over the past year, the stock has nearly doubled and has risen by over 28% year-to-date, significantly outperforming the NSE Nifty 50 during both periods.

According to the latest quarterly update filed with stock exchanges, the promoter group holds 65.24% of Polycab India. In the fiscal quarter January-March, Polycab India recorded a 29% year-on-year increase in consolidated net profit to ₹553 Crore, up from ₹428 Crore a year earlier. Revenue from operations also surged 29% year-on-year to ₹5,592 Crore in Q4 FY24, compared to ₹4,324 Crore in the corresponding period the previous year.