Indian cables and wires makers slide on Adani's foray into segment

Ultratech Cement

20/03/2025 04:29

** Cables and wires makers Polycab India POLC.NS, KEI Industries KEIN.NS plunge ~7% and ~9%, respectively

** Havells India HVEL.NS, Finolex Cables FNXC.NS fall 4% and ~3%

** Adani Enterprises ADEL.NS says its unit incorporated a JV with cables company Praneetha Ventures

** ADEL's unit will hold 50% of the share capital in the JV

** POLC, KEIN, HVEL and FNXC lost 12%, 21%, 3% and 5% respectively, since UltraTech Cement ULTC.NS announced it will enter the segment

** POLC, KEIN, HVEL, FNXC rated "buy" on average, per data compiled by LSEG

 (Reporting by Manvi Pant in Bengaluru)

 ((Manvi.Pant@thomsonreuters.com; +918447554364;))