Polycab India rallies 8% to hit new high, zooms 65% against issue price

The company's net profit more-than-doubled to Rs 194 crore in September quarter (Q2FY20), on the back of strong revenue growth.

Shares of Polycab India continued their upward march, hitting a new high of Rs 889, up 8 per cent in the intra-day deals on Wednesday. The stock has surged 24 per cent in the past two weeks, after reporting a healthy September quarter results. In comparison, the S&P BSE Sensex has gained 4 per cent during the same period.

Polycab India was trading at its highest level since listing on April 16, 2019. With today’s rally, the share price of the company zoomed 65 per cent against its issue price of Rs 538 per share.

Polycab India is