Key Points
Extending their bull run for the third consecutive trading session on Tuesday, shares of Polycab India, a leading electrical wires and cables manufacturer, jumped 3.60% to 4,351.75 apiece..
Between January 04 and January 11, the company's shares faced downward pressure amid reports of tax evasion allegations..
The search has revealed unaccounted cash sales of 10 billion (not recorded in the books), unaccounted cash payments exceeding 4 billion made by a distributor on behalf of Polycab, and 1 billion of non-genuine expenses, as per reports..
In the preceding quarter (Q2FY24), it posted its highest quarterly profit after tax of 430 crore, fueled by a 27% increase in sales and a 160-basis point YoY margin expansion. ..
As the market leader in the Indian C&W industry (with an organised share of 2224%), Jefferies views Polycab as a strategic play on India's capital expenditure..
You might be interested in
Zomato, Tata Motors, Mamaearth among top 21 bets for Jefferies as India prospects bright
22, Nov, 23Besides, the brokerage has also shared the list of companies it remains bearish on given the challenges and risks to earnings growth. These are Tech Mahindra, Cummins India, Asian Paints, Gujarat Gas, and Tata Power.
Nestle India announces record date for stock split; Details here
19, Dec, 23A stock split involves increasing the number of issued and outstanding shares, thereby enhancing the liquidity of the stock.
Insider selling sparks bullish signal in Indian stock market
21, Nov, 23India Business News: Corporate insiders in India have sold $12 billion worth of stock in the first ten months of the year, indicating an overvalued market. However, this i
Summer stocks to buy: Jefferies bets on Havells, SI, other midcap stocks ahead of searing summer
09, Mar, 23Global brokerage Jefferies in a note said that select midcap companies engaged in manufacturing of fans, air conditioning, refrigerators, agri pipes, air coolers and pumps will emerge as key beneficiaries amid a rise in demand
I G Petrochemicals: This multibagger stock is down 49% from its all-time high; is this the right time to buy?
03, Jan, 24Keynote Capitals initiated coverage on I G Petrochemicals, assigning it a 'buy' rating and establishing a target price of ₹819 per share. This forecast indicates a potential upside of 59.5% from the current closing price of ₹513.60 per share.
Ashish Kacholia multibagger stock reports 72% Q4 PAT growth, Board declares ₹10 per share dividend
07, May, 23D-Link (India) is a small cap IT company reported a market cap of ₹974.79 Cr during Friday's closing session.
Polycab plunges 20% as I-T dept detects unaccounted sales of Rs 1,000 crore during raids
11, Jan, 24Shares of Polycab, an electrical equipment manufacturer, plunged 10% after the Income Tax department uncovered unaccounted cash sales of about Rs 1,000 crore during a recent raid on the Polycab group. The CBDT revealed that the group, in collusion with authorized distributors, evaded taxes through unrecorded cash sales. Polycab India denied the allegations, asserting its commitment to compliance and transparency.
Campus Activewear stock soars over 12.5% after block deal worth ₹100 crore
21, Feb, 24Shares of Campus Activewear jumped by 12.6% in today's intraday trade, reaching ₹275.80 apiece. This uptick in shares came after 40,65,000 shares of the company changed hands in a block deal window on Wednesday.