Polycab India shares rebound after brutal selloff

28 Feb 2025 , 01:55 PM

Polycab India Limited’s shares gained as much as 3% in Friday’s trading session after declining about 18.8% in the previous session on account of UltraTech Cement’s surprising foray into the wires and cables industry.
At around 11.39 AM, Polycab India was trading 1.02% higher at ₹4,727.20 per share, against the previous close of ₹4,679.55 on NSE. The counter touched an intraday high of ₹4,907.
The rebound took place following a heavy selloff on Thursday, owing to slashed price targets after UltraTech Cement’s ₹1,800 Crore investment as an “industry-fragmenting” event.
The quick gains in Polycab India’s stock was on account of a broader recovery in the sector. On Friday, KEI Industries witnessed 4.2% gains to an intraday high of ₹3,123.15 per piece on the BSE. On the other hand, R R Kabel jumped 3.4%, and Havells reversed gains to trade flat.
Even though the brokerage cuts the price targets, it still keeps ‘buy’ ratings on Polycab, Havells India, and R R Kabel.
UltraTech Cement announced its plans to set up a manufacturing facility in Gujarat by December 2026. It plans to leverage its construction-sector relationships and supply-chain whip hand via Hindalco’s aluminium and copper business.
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