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Shares of Polycab India jumped nearly 2 percent in early trade on August 23. The stock was trading 1.64 percent higher at Rs 5079.80 on the NSE at 9:51am.
The electrical equipment maker has issued a comfort letter to HDFC Bank for enhanced borrowing facility from Rs 52 crore to Rs 89.97 crore to its subsidiary Tirupati Reels. The subsidiary will use the funds for working capital and capex expenditure to meet its business requirement for manufacturing business.
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Brokerage views and target prices
YES Securities gave a ‘neutral’ rating on Polycab India with a target price of Rs 4,505 in its research report on July 19.
Religare Retail Research has given a ‘hold’ rating on Polycab India with a target price of Rs 4,612 in a recent research report.
Shareholding pattern
Promoters hold 65.99 percent in the company. Public, DIIs and FIIs hold the remaining 14.61 percent, 9.75 percent and 9.65 percent stake in Polycab India, respectively.
Stock performance
The Polycab India stock has given a return of 63.05 percent over the last six months and has outperformed the benchmark Nifty50 index which has gained 10.77 percent over the same duration.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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