Polycab share

Polycab India Share Price Rollercoaster: What's Happening with the Electrical Giant?

Shocking moves in Polycab India's share prices! Find out the rollercoaster ride of the electrical wires and cables manufacturer.

Polycab India, a leading manufacturer of electrical wires and cables, has been on a wild ride in the stock market recently. On 15th January 2024, the company saw a significant 5.45% increase in its stock price, reaching a high of 4198.3 per share after closing at 3981.3 per share. This surge was due to a sharp rebound in the share price over the last two days, signaling a positive trend for the company.

The excitement continued as F&O traders rushed to cover short positions in Polycab, causing the shares to surge by 7% in intraday trading. However, not all news was positive for Polycab India as recent IT raids raised concerns about tax evasion, leading to a massive Rs15,000 crore drop in market valuation.

Despite the setbacks, Polycab India managed to extend its gains by 5% on the back of a clarification regarding the IT raids. The company is set to announce its December quarter results on January 18, keeping investors on edge with anticipation.

In a surprising turn of events, foreign brokerage Jefferies set a bullish price target of Rs 7,000 for Polycab India's shares, showing confidence in the company's future prospects. With such dramatic fluctuations in the stock market and ongoing developments, all eyes are on Polycab India to see how it navigates through the challenges and capitalizes on the opportunities in the industry.