Jefferies continues to express optimism about Polycab India, upholding its buy rating and setting a target price of ₹8,000 per share. The brokerage is awaiting additional information regarding the tax evasion accusations for a more comprehensive assessment.
Brokerage firm Jefferies maintained a hold rating on HCL Technologies and an underperform rating on Wipro post-Q3 results. Goldman Sachs maintained a buy rating on Polycab India and UBS initiated coverage on SBI Cards with a neutral rating.
Shares of Polycab India surged nearly 7% intraday on Monday as traders covered short positions taken in the futures and options segment of the cable-maker over the last few sessions, where it crashed by nearly a third amid reports of tax evasion.
"The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in Dec 23," said Polycab in the release.