Polycab shares surge 4% as Jefferies maintains ‘Buy’ rating with target price of Rs 9,220

Polycab’s stock rose by 4% following Jefferies’ reaffirmation of a ‘Buy’ rating with a target price of ₹9,220, signaling a potential upside of 50.5% from its current market price of ₹6,125. As of 9:48 AM, Polycab shares were trading 4.02% higher at Rs 6,412.00.

Despite weaker wire demand due to lower copper prices and high channel inventory in Q3, Polycab remains well-positioned for long-term growth. Jefferies projects a strong sales and PAT CAGR of 24% and 25%, respectively, from FY24 to FY27, driven by solid demand across its business segments, positioning Polycab as a key player in the capex and housing sectors.

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Polycab shares opened at ₹6,179.95, reaching a high of ₹6,416.25 and a low of ₹6,143.55. The stock is currently trading well below its 52-week high of ₹7,605.00 and above its 52-week low of ₹4,050.00.

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