Polycab India rose 3.22% to Rs 589.80 after a foreign brokerage reportedly initiated coverage on the stock with a 'buy' rating and a target price of Rs 736 per share.
On BSE, 8,829 shares were traded in Polycab India counter, compared to a 2-week average of 4,782 shares. The stock hit an intraday high of Rs 595 and an intraday low of Rs 578.45.It hit a 52-week high of Rs 677.70 on 10 May 2019 and a 52-week low of Rs 525.05 on 22 August 2019.
Polycab India is engaged in the business of manufacturing and selling wires and cables and fast moving electrical goods (FMEG) under the 'POLYCAB' brand. Apart from wires and cables, it also manufactures and sells FMEG goods such as electric fans, LED lighting and luminaires, switches and switchgears, solar products and conduits and accessories.
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