Shares of KEI Industries and Polycab India came under selling pressure in today’s trade after Bajaj Electricals announced its entry into the wires segment. The development triggered concerns around rising competition in an already crowded domestic wires and cables market.
During intraday trade, Polycab shares declined by 2.04%, while KEI Industries slipped 1.42%.
Bajaj Electricals’ Foray Into the Wires Segment
Bajaj Electricals informed exchanges that it has decided to enter the wires business as part of its long-term growth strategy. The company stated that the initiative is aimed at expanding and diversifying its business operations, while also capitalising on the growing demand in India’s domestic wires industry.
According to the company, the upcoming wires business will operate under its Lighting Solutions segment. Bajaj Electricals plans to launch the products shortly and will initially assess market response before determining the scale of operations. The total investment outlay has not been finalised and will depend on several factors, including business scale, operational requirements, and prevailing external conditions.
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