Jefferies maintains a positive outlook on Polycab India, retaining the buy rating on the stock with a target price of ₹8,000 apiece. The brokerage awaits further clarity on the tax evasion allegations.
Polycab India Limited is the country s largest manufacturer of wires and cables. Its business operations span across India through 23 manufacturing facilities, more than 15 offices and over 25 warehouses.
Shares of Polycab India declined over 5 percent in intra-day deals on Friday following searches conducted by the Income Tax Department s investigation wing at nearly 50 locations linked to the company across the country.
Top stocks of the week: Benchmark indices Nifty50, Sensex snapped a six-day winning streak and ended deep in red on Friday, July 21, 2023. Polycab India, Mphasis, Zensar Tech, Tanla Platforms, RITES, Route Mobile among top stocks this week.
Share market today: Benchmark indices Sensex, Nifty extended the gains and ended near the day s high with Nifty above 19,950. Top gainers on the Nifty included ITC, Kotak Mahindra Bank, ICICI Bank and Cipla, while losers were Reliance Industries, Infosys, UltraTech Cement. Check stocks that buzzed in trade today.