Polycab India shares hit record high on stellar Q1 earnings; key details

Shares of Polycab India Ltd hit their all-time high today after the cables and wire maker logged a 81.68% rise in profit at Rs 399.27 crore for the June 2023 quarter against Rs 219.76 crore profit in the corresponding quarter of previous fiscal. Sales climbed 42.13% to Rs 3889.38 crore in Q1 of this fiscal against Rs 2736.56 crore in the June 2022 quarter.

Subsequently, Polycab India stock zoomed 5.47% to Rs 4126 in the afternoon session today against the previous close of Rs 3912.05 on BSE.   

Total 0.72 lakh shares of the firm changed hands amounting to a turnover of Rs 28.75 crore on BSE. Market cap of the firm rose to Rs 61,662 crore on Tuesday.                

In terms of technicals, the relative strength index (RSI) of the stock stands at 73.8, signaling the stock is overbought. Polycab India has a one-year beta of 0.7, indicating low volatility during the period. Polycab India shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.       

The stock has climbed 91.46% in a year and risen 60% in 2023. In a period of three years, the shares of wire and cable maker have grown 401%, delivering multibagger returns for investors.  

Polycab India Limited is the country's largest manufacturer of wires and cables and one of the fastest growing FMEG companies with a consolidated turnover of Rs 122 billion in FY22. The company's business operations span across India through 23 manufacturing facilities, 15 plus offices and 25 plus warehouses.  

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