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Polycab India hits fresh record high; stock zooms 100% from August low
Posted on 5th December 2019
Shares of Polycab India continued their upward journey, and hit a new high of Rs 1,052, up 6 per cent on the BSE on Thursday, on expectation of strong earnings going forward. The company was included in the MSCI Global Small Cap Index with effect from November 26, 2019.

The stock of the fast moving electric goods (FMEG) company zoomed 100 per cent from its recent low of Rs 525, touched on August 22, 2019. It was trading at its highest level since its listing on April 16, 2019. The company issued shares at Rs 538 per share in the initial public offer.

In the past two months, the stock has rallied 57 per cent after its net profit more-than-doubled to Rs 194 crore in September quarter (Q2FY20) on the back of strong revenue growth. It had logged profit of Rs 90 crore in the year-ago quarter. In comparison, the S&P BSE Sensex was up 8.5 per cent during the same period.

Besides, the bottom-line got an additional boost on the back of lower tax rates due to re-measuring of deferred tax assets/liabilities. The company's revenue during the quarter grew 24 per cent year-on-year (y-o-y) to Rs 2,242 crore driven by strong growth across segments. The FMEG products of Polycab largely include switchgears, fans, lightings & luminaires and solar pumps.

Going forward, the management said it remain committed to delivering consistent and profitable growth.

"The FMEG segment is expected to maintain strong revenue growth trajectory, led by leveraging distribution strength and launch of new products within existing categories. Rising cash flows with each passing year may lead to upward revision in capital expenditure along with probability of higher shareholder returns through dividends", analysts at Sharekhan said in a note.

At 11:00 am, the stock was trading 4 per cent higher at Rs 1,031 on the BSE, as compared to a 0.32 per cent rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 500,500 shares changing hands on the NSE and BSE till the time of writing of this report.

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Nirbhaya case: SC to hear curative petitions by two convicts on Jan 14
Posted on 11th January 2020

A five-judge bench of the Supreme Court will hear on January 14 curative petitions of two of the four death-row convicts in the Nirbhaya case.

A bench of Justices N V Ramana, Arun Mishra, R F Nariman, R Banumathi and Ashok Bhushan will hear the curative petitions filed by Vinay Sharma and Mukesh at 1.45 pm.


Goa police arrests 8 people with demonetised currency worth Rs 1.5 crore
Posted on 11th January 2020

Eight persons were arrested for allegedly possessing demonetised currency notes worth Rs 1.5 crore, Goa police said on Saturday.

The demonetised currency was seized during a routine search of vehicles at the Pollem border check post in South Goa on Friday, deputy superintendent of police (Canacona) Kiran Paudwal.


Illegal apartment complex in Kerala demolished; SC order implemented
Posted on 11th January 2020

A high rise apartment complex was brought down through controlled implosion method as authorities began implementing a Supreme Court order to demolish four illegal water-front structures in Maradu municipality here on Saturday.

The residential complex was demolished at 11.18 am.

The 60-meter high 19-storey building, known as "Holy Faith H20, was levelled in seconds in a spectacular implosion.


Panasonic Life to invest Rs 600 crore for electrical equipment near Chennai
Posted on 11th January 2020

Panasonic Life Solutions will invest Rs 600 crore in India, initially spending Rs 294.7 crore to set up an electrical equipment and wiring manufacturing plant in SriCity near Chennai.

The plant will start work by October 2021, becoming Panasonic’s eighth electrical equipment production base in India after facilities in north and west India.


Centre notifies Citizenship Act amid protests; SC to hear pleas on Jan 22
Posted on 11th January 2020

The Centre notified the Citizenship Amendment Act (CAA) on Friday. The notification comes nearly a month after Parliament passed it on December 11, and in the wake of sustained anti-CAA protests. The Supreme Court is set to hear petitions challenging the constitutionality of the law on January 22.

The Centre, by notifying the law, has indicated its resolve to implement it even as lawyers and retired judges, Opposition parties, activists, students and retired bureaucrats have criticised it as unconstitutional as it discriminates on the basis of religion.


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Most Read News

Goa police arrests 8 people with demonetised currency worth Rs 1.5 crore

Illegal apartment complex in Kerala demolished; SC order implemented

Nirbhaya case: SC to hear curative petitions by two convicts on Jan 14

Centre notifies Citizenship Act amid protests; SC to hear pleas on Jan 22

Panasonic Life to invest Rs 600 crore for electrical equipment near Chennai

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