These companies are afraid of the entry of Gautam Adani, broken up to 14% shares, check the list – Polycab Kei Industries Havells these cables crash up to 14 percent as adani forays into segment check list
The Indian Stock Market also saw a boom on Thursday and the Sensex-Nifty made a long jump as soon as the fourth trading day of the week was open. But despite the market boom, shares of companies making cables (electric wires) were seen collapsing. These include shares ranging from Polycab to Havells. This major decline in these cable stocks is actually after an announcement by Adani Enterprises, a flagship company of the Adani Group led by Gautam Adani, which has planned to enter the sector of cable manufacturing.
9-14 percent broken companies shares
The shares of veteran companies related to manufacturing of electric wires began to break up amidst the introduction of trading in the stock market. The fastest decline was seen in shares of Polycab India, Havels India, RR Cable and KEI Industries, which was 9 to 14 percent. Apart from this, the shares of many more wire and cable companies appeared on the red mark. These big companies have been nervous by taking entry of Adani Enterprises in this sector and the impact of a tough competition in business has been seen as a decline in share.
These stocks were shattered on seeing this
If you look at the most broken cable stocks on Thursday ..
| Company name | Decline | Share price |
| Kei Industries | 14.30% | 2,809.85 rupees |
| Polycab India | 9.6% | Rs 4,920 |
| Havells India | 5.35% | 1,473.65 rupees |
| Rr cabels | 4.75% | 872.80 rupees |
| Finolex Cabels | 4.75% | 827 rupees |
| Dynamic Cabel | 4.3% | 551.30 rupees |
| Plaza wire | 2.25% | Rs 55.11 |
Gautam Adani’s company has announced this
Now it is said that what has been announced by Adani Enterprises Limited, a company of Billionaire Gautam Adani and what has been prepared. So, according to the report, AEL announced the formation of a joint venture through its full -ridden subsidiary Kutch Copper Limited, in which Praneeta Ventures shared with a ratio of 50:50 and the new unit has been named Pranita Ecoccals Limited.
According to the information given in the stock exchange filing in this regard, the new joint venture will enter the field of metal products, cable and electric wires in the field of distribution, purchase and sale. Let me tell you here that recently, Kutch Copper, a subsidiary of Adani Enterprises, had announced that he has joined the International Copper Association as his new member.
(Note- Be sure to consult your market experts before any kind of investment in the stock market.)
(tagstotranslate) gautam adani
