 "Polycab India, KEI, Havells, RR Kabel, UltraTech tank up to here why")
Shares of Polycab India, KEI Industries, Havells India and R R Kabel slipped up to 15 per cent on the BSE in Monday’s intra-day trade amid heavy volumes after UltraTech Cement announced its foray into wires & cables (W&C) segment with an investment of Rs 1,800 crore over the next two years.
Shares of UltraTech Cement were down 5 per cent at Rs 10,411.90 in intra-day trades. Among the W&C stocks, Polycab India (down 15 per cent at Rs 4,894.80), KEI Industries (down 15 per cent at Rs 3,226.65) and R R Kabel (down 13 per cent at Rs 962.20) tanked over 10 per cent each. Havells India (down 9 per cent at Rs 1,402.50) and Finolex Cables (down 5 per cent at Rs 850) were down up to 9 per cent. Of these, Havells India and R R Kabel were trading at their respective 52-week lows. In comparison, the BSE Sensex was up 0.01 per cent at 74,612.66 at 09:33 am.
UltraTech in an exchange filing on Tuesday, February 25, 2025, after market hours said the proposed entry into this segment of the construction value chain, through its Building Products Division, is in line with the company’s strategy to strengthen its position as a comprehensive Building Solutions provider.
The company will set its first plant in Bharuch (Gujarat), which is expected to be commissioned by December 2026. The company aims to meet the growing demand for wires and cables across various sectors, including residential, commercial, infrastructure and industrial applications. As per the company, the wires and cables industry has witnessed revenue compound annual growth rate (CAGR) of around ~13 per cent between FY19 to FY24.