Polycab Block Deal: Shares of Polycab India Ltd. opened 4.3 per cent lower on Friday after a large trade took place in the wires and cables manufacturer.
The details of the buyers or sellers were not immediately known, but CNBC TV18 reported earlier that the promoters sought to sell part of their stake.
The block deal saw 40.5 lakh shares of Polycab India changing hands at Rs 6,708 per share, reported CNBC TV18. This is at a discount of 4 percent from the previous close. Polycab India shares fell 2.5 per cent on Thursday, 27 June to end at Rs 6,998.6.
Polycab India stock has nearly doubled in the last one year, and has jumped over 28 percent year-to-date, vastly outperforming NSE Nifty 50 during both the periods.
The promoter group of Polycab India held 65.24 per cent in the company per the last quarterly update filed with the stock exchanges.
The selling shareholder will now have a lock-in of 90 days for further sale of shares.
In the last fiscal quarter January-March, Polycab India reported a 29 per cent year-on-year rise in consolidated net profit at Rs 553 crore, compared to Rs 428 crore in the same period a year ago. The company’s revenue from operations jumped 29 per cent on-year to Rs 5,592 crore in Q4 FY24, from Rs 4,324 crore in the corresponding period previous year.
The stock is up 22 per cent so far in 2024, having recovered all of its losses post the I-T department raids and subsequent clarifications.
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