Polycab India Shares Drop 3% Following Rs 590 Crore Block Deal Transaction
Polycab India shares declined nearly 3% following a Rs 590 crore block deal involving 7.98 lakh shares at Rs 7,387.50 per share. A domestic mutual fund reportedly sold its 0.53% equity stake, though the seller remains unconfirmed. Despite this decline, the electrical goods manufacturer has shown mixed performance with 14.10% gains over one year but 3.68% decline year-to-date.
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Polycab India shares fell nearly 3% in intraday trade on Wednesday following a substantial block deal transaction worth Rs 590 crore. The stock hit a low of Rs 7,342.00 on the BSE as investors reacted to the large-scale equity transaction.
Block Deal Details
The significant transaction involved approximately 7.98 lakh shares changing hands in a single deal. According to reports, the shares were traded at an average price of Rs 7,387.50 per share, representing 0.53% of the company's total equity.
| Transaction Parameter: | Details |
|---|---|
| Shares Traded: | 7.98 lakh shares |
| Transaction Value: | Rs 590.00 crore |
| Average Price: | Rs 7,387.50 per share |
| Equity Percentage: | 0.53% |
| Intraday Low: | Rs 7,342.00 |
Mutual Fund Stake Sale
Reports indicate that a domestic mutual fund likely offloaded its stake in the company, though the identity of the seller has not been officially confirmed. Polycab maintains multiple mutual fund holdings among its institutional shareholders.
Key mutual fund stakeholders include UTI Flexi Cap Fund, which held approximately 15.35 lakh shares or 1.02% equity, and Motilal Oswal Nifty India Manufacturing ETF, holding around 5.79 lakh shares or 3.85% equity, according to the latest filings.
Company Profile
Polycab India operates as a leading fast-moving electrical goods company and stands as the largest manufacturer of wires and cables in India. The company's diverse product portfolio encompasses fans, switches, water heaters, switchgears, luminaires for residential, commercial and industrial applications, solar panels, conduits, accessories, and home automation solutions.
The company operates 28 manufacturing facilities across Gujarat, Maharashtra, Uttarakhand, and Daman and Diu, including joint ventures with Techno and Trafigura.
Stock Performance Analysis
Polycab India has demonstrated mixed performance across various timeframes, showing both strengths and recent challenges in its market valuation.
| Performance Period: | Return (%) |
|---|---|
| One Year: | +14.10% |
| Six Months: | +8.72% |
| Year-to-Date: | -3.68% |
| Three Months: | -2.95% |
| One Month: | +1.58% |
The stock has delivered steady long-term growth with a 14.10% gain over the past year and maintained positive momentum with an 8.72% increase over six months. However, recent performance shows some weakness, with year-to-date decline of 3.68% and a three-month drop of 2.95%. The one-month performance has turned mildly positive at 1.58%, indicating potential recovery after recent weakness.
Historical Stock Returns for Polycab
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.32% | -5.34% | +1.42% | +10.05% | +18.04% | +504.38% |
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