Polycab, KEI shares get a jolt as new rival comes
Shares of Polycab and KEI Industries took a significant drop of up to 9% on Friday after the announcement of UltraTech Cement's new wires and cables business, Ultravolt. The RS 1,800 crore investment-backed venture was expected to launch as the second-largest player in the wires segment by capacity, according to the group. Polycab shares fell 6% to Rs 8,300, while KEI Industries shares plummeted 9% to Rs 4,848.50.
UltraTech Cement's entry into the wires and cables market aimed at becoming one of the top two players within five years, as Aditya Birla Group Chairman Kumar Mangalam Birla highlighted the crucial role of wires and cables in India's development, encompassing urbanization, electrification, and digitization.
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