Polycab India rises on acquiring additional 9% stake in Dowells Cable Accessories
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Polycab India is currently trading at Rs. 2410.15, up by 5.60 points or 0.23% from its previous closing of Rs. 2404.55 on the BSE.
The scrip opened at Rs. 2428.90 and has touched a high and low of Rs. 2428.90 and Rs. 2390.80 respectively. So far 13719 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2647.40 on 11-Oct-2021 and a 52 week low of Rs. 1024.90 on 31-Dec-2020.
Last one week high and low of the scrip stood at Rs. 2428.90 and Rs. 2306.55 respectively. The current market cap of the company is Rs. 36092.36 crore.
The promoters holding in the company stood at 68.36%, while Institutions and Non-Institutions held 15.67% and 15.97% respectively.
Polycab India has acquired additional 9% equity shares of Dowells Cable Accessories, subsidiary of the company from promoters. Further, the acquisition of said shares would increase the aggregate shareholding of the company in subsidiary from 51% to 60%. The acquisition of additional shares would further strengthen the control of the company in Dowells. The cost of acquisition of shares were around Rs 2.18 crore.
Polycab India is the largest cables & wires manufacturer. It is also the fastest growing company in the Indian cable industry with consistent growth. The company also in the business segment of EPC, Cables.
