15-Jan-2024
2 mins read
Polycab India’s stock price took support near 3800 and reversed upward. In today’s trading session, the stock closes at Rs 4,198 with a gain of 5.46%. Recently, the company has been in the headlines due to the news circulating in the market about the I-T Raid. The department has discovered “unaccounted cash sales” in a search over 50 company premises.
However, the Management of Polycab India clarified that the company had not received any written information on the finding. Investors found the management response positive due to which downfall took a halt.
“While the post-search proceedings will take their own course, the company will continue to fully cooperate with the I-T department in this regard. There is no material adverse impact on the financial position of the company,” the company said.
Until the matter related to the I-T department is clarified, the stock price may trade with a bearish bias. Therefore, investors need to be careful and alert in the coming few sessions.
Polycab India – Quarterly Earnings Update
Polycab India, Dec 2023 Quarterly Earnings are scheduled on January 18, 2024. If the company succeeds in beating the analyst estimates, then the stock price may be positively impacted.
The analyst estimated an EPS of 28.58 and Revenue of Rs 44.108 billion. After seeing the results of the past few quarters, it can be said that the company may report good earnings.
However, it’s difficult to say how stock prices will react after earnings. The overall market sentiment is positive as Nifty is near ATH. Therefore, it may be risky to build fresh shorts. The technical outlook says that a temporary pullback is possible.