Polycab India shares hit 5% upper circuit ahead of board meet on Saturday

Shares of Polycab India were locked in 5 per cent upper circuit at Rs 725 on the BSE on Thursday ahead of Saturday's board meeting to consider and approve the proposal for investment / acquisition of shares.

Till 11:36 am, a combined 134,000 equity shares had changed hands on the counter and there were pending buy orders for around 40,000 shares on the BSE and NSE so far.

“A meeting of the board of directors of the Company is scheduled to be held on Saturday, May 2, 2020, to consider and approve the proposal for investment / acquisition of shares,” Polycab India said in a regulatory filing on Wednesday after market hours.

In the past seven trading days, the stock has fallen 9 per cent, thus underperforming the S&P BSE Sensex which rose 3.3 per cent. The stock hit an all-time high of Rs 1,180 on February 24, 2020 in intra-day trade.

Polycab India is a manufacturer of wires and cables with 18 per cent share of the organized and 12 per cent share of the total market. In wires & cables, Polycab has the widest range of power cables, control cables, instrumentation, building wires and industrial cables. It caters to institutional as well as retail customers across industries.