KEI Share Price, Polycab Share Price, Havells Share Price: The benchmark BSE Sensex Index was up 442 points or 0.59 per cent at 75,894 level at the time of writing the copy.
KEI Share Price, Polycab Share Price, Havells Share Price: Shares of large wire and cable manufacturers are under pressor on Thursday as competition is set to intensify with the entrance of new players in the segment. Shares of companies like KEI Industries, Havells and Polycab tanked up to 15 per cent on the BSE.
In comparison, the benchmark BSE Sensex Index was up 442 points or 0.59 per cent at 75,894 level at the time of writing the copy.
These shares are under pressure as Adani Enterprises has informed exchanges that Kutch Copper Limited, a wholly owned subsidiary of the company, has incorporated a 50:50 joint venture company – Praneetha Ecocables Ltd – with Praneetha Ventures Private Limited. With this joint venture, the Adani Group is entering the business of wire and cable manufacturing.
Earlier, Ultratech Cement announced its entry into the wires and cables segment with an investment of Rs 1,800 crore. The company will set up a plant in Gujarat over the next two years as part of its plans to expand its footprint in the construction value chain.
KEI Share Price
Shares of KEI opened gap down at Rs 3,199.95, with a loss of 2.45 per cent today against the previous close of Rs 3,279.45 on the BSE. It slipped further to touch the low of Rs 2,765 – a fall of 15.71 per cent.
Polycab Share Price
Polycab shares too opened gap down with a loss of 4.06 per cent. It started the session at Rs 5,220.95 against the previous close of Rs 5,441.75 on the BSE. The scrip dipped further amid selling pressure to touch the intraday low of Rs 4,912.75 – a fall of 9.72 per cent from the previous close. The counter has fallen after three days of consecutive gain.
Havells Share Price
The counter started the session at Rs 1,528.60 against the previous close of Rs 1,557.40 on the BSE. It dipped further to touch an intraday low of Rs 1470.8 – a fall of 5.56 per cent from the previous close.
