POLYCAB

** Jefferies says it is positive on electronic manufacturing (EMS), other sectors linked to capex and summer demand in small- and mid-caps

** Top picks are Polycab POLC.NS, Amber Enterprises AMBE.NS, Voltas VOLT.NS and Crompton Greaves Consumer Electricals CROP.NS

** POLC wired for consistent growth despite Ultratech Cement's planned foray into cables and wires segment, says Jefferies

** AMBE likely to benefit from rising domestic market shares in air-conditioners (AC)

** CROP to potentially gain from double-digit growth in premium fans; Voltas to benefit from a demand uptick on forecast of hotter-than-normal summer - Jefferies

** POLC shares up 1.1% on the day; AMBE, VOLT, CROP gain about 3% each - data compiled by LSEG

** Recent market decline is opportunity for investors to evaluate quality in small-cap and mid-cap segments, says Jefferies

** India's benchmark Nifty 50 is down 14.3% from record high levels while small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 are trading 23.8% and 20.5% below their all-time high levels

(Reporting by Bharath Rajeswaran in Bengaluru)

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Feb 25 (Reuters) - UltraTech Cement ULTC.NS, India's top cement maker by capacity, will spend 18 billion rupees ($206 million) to start up a wires and cables business, deepening its foothold in the construction materials business, the company said on Tuesday.

The wires and cables business will be part of UltraTech's building products division, which includes waterproofing products, TMT steel bars, plywood, sanitary ware, hand tools as well as electrical components such as switchboards.

The investment, to be spread over two years, will involve UltraTech building a plant by December 2026 with the aim of capturing demand in a sector that, the Aditya Birla group company said, logged a compound annual growth rate of about 13% between fiscal 2019-2024.

This sector is dominated by companies such as Polycab POLC.NS and Havells HVEL.NS and one that is plagued by volatile prices of copper - a key raw material - and intense competition from smaller, cheaper local players.

Additionally, the infrastructure and construction industries, key clients of the wires and cables makers, will likely see a slowdown in 2025 due to a "modest" hike in capital spending announced in the annual budget, earlier this month.

Meanwhile, the cement industry has recently seen a slew of deals by industry leaders including UltraTech and Adani Group companies as they snap up smaller firms to deepen their presence in the industry.

($1 = 87.1700 Indian rupees)

(Reporting by Manvi Pant in Bengaluru; Editing by Savio D'Souza)

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** Shares of Polycab India POLC.NS rise 3.3% to 6,368 rupees

** Co on Wednesday posted 11% and 20% rise in Q3 consolidated net profit and revenue, respectively, although they missed analysts' estimate

** Q3 EBITDA grew 26% Y/Y

** POLC says cables and wires business to see 1.5x of market growth in core segments, fast moving electrical goods business to see 1.5x-2.0x of market growth

** Jefferies says POLC provided healthy guidance for next five years; expects co's FY24-FY27 sales and PAT to grow 2% and 25%, respectively

** POLC top pick within consumer durables/electrical industry, said analysts at Citi Research

** More than 660,000 shares change hands, 2.3x its 30-day avg

** Avg rating of 27 analysts covering the stock is "buy"; median PT is 7,722 rupees - LSEG data

** Stock gained ~33% in 2024

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Polycab India POLC.NS falls 6.4% to 6,151 rupees; set for biggest one-day pct fall since June 4, 2024

** Wire and cables maker's Q3 consol net profit falls short of analysts' avg estimate - LSEG

** Co hurt by surging costs of raw materials, including copper and aluminum, which rose ~23% y/y, weakening margins

** Rev from ops rises 20% y/y, below analysts' estimate

** More than 658,000 shares traded, 2.8x the 30-day avg

** Stock rated "buy" on avg; median PT is 7,722.5 rupees - LSEG

** POLC gained ~33% in 2024

($1 = 86.5050 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Shares of wire and cables maker Polycab India POLC.NS climb 2.8% to 6,821 rupees

** Co declared lowest bidder from Bharat Sanchar Nigam Ltd to develop middle-mile network of state-owned broadband network BharatNet

** Contract amount is 41 bln rupees ($487 mln)

** Stock set to gain for fifth straight session

** POLC rated "buy"; Havells India HVEL.NS and Crompton Greaves Consumer Electricals CROP.NS rated "hold" and "buy", respectively - LSEG

** Stock up ~25% YTD vs HVEL's 22% rise and CROP's ~27% climb

($1 = 84.1900 Indian rupees)

(Reporting by Dimpal Gulwani in Bengaluru)

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Oct 17 (Reuters) - Polycab India Ltd POLC.NS:

• Q2 CONSOL NET PROFIT 4.40 BILLION RUPEES; IBES EST 4.53 BILLION RUPEES

• Q2 CONSOL REVENUE FROM OPERATIONS 54.98 BILLION RUPEES; IBES EST 49.56 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: POLC.NS

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** Polycab India's POLC.NS shares climb 1.3% to 6,696 rupees

** Stock had risen as much as 3% at the open

** Brokerage UBS initiates coverage on the cable maker with "buy" and PT of 8,550 rupees, a Street-high per LSEG

** POLC, with its 40% share in domestic electrification market, stands to benefit from multiple cyclical tailwinds in cable and wire segment, including robust domestic low-voltage infrastructure creation, says UBS

** Adds, POLC's distribution-led export model offers incremental growth potential in relatively untapped exports market

** Better-than-expected domestic volume growth, market share gains and export ramp-ups are key near-term triggers - UBS

** Analysts' avg rating on POLC is "buy" vs "hold" for rival Havells HVEL.NS - LSEG data

** POLC's 22% YTD climb, however, smaller than HVEL's 38% increase

(Reporting by Kashish Tandon in Bengaluru)

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July 18 (Reuters) - Polycab India Ltd POLC.NS:

• Q1 CONSOL NET PROFIT 3.96 BILLION RUPEES

• Q1 CONSOL REV FROM OPS 46.98 BLN RUPEES

Further company coverage: POLC.NS

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** Shares of Polycab India POLC.NS fall as much as 5.3% to 6,616 rupees, last down 3%

** Over 4.4 mln shares traded in 59 blocks at 6642.60 - 6736.20 rupees/share - LSEG data

** Promoter group and family members of POLC planning to sell part stake of 2.04% for upto $257 mln (at the upper end of price range) via a block deal, news website Moneycontrol reported on Thursday, citing sources

** Stock on track for a fifth consecutive session of loss, if trend holds

** Stock is witnessing its most active trading session since Jan. 11, with more than 8.2 mln shares change hands, 17x of 30-day avg

** Avg rating of 25 analysts equivalent of "buy", median PT is 6,875 rupees - LSEG data

** Stock up 34.1% so far this quarter vs 7.7% fall in March quarter

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

** Shares of Polycab POLC.NS rise 4.1% to a record high of 6,046.5 rupees

** Cable maker's Q4 consolidated net profit up ~29% to 5.46 bln rupees ($65.4 mln) on strong demand for its largest segment, wires and cables

** Rev from ops up over 29% Y/Y

** More than 765,000 shares change hands, 2x the 30-day avg

** Twenty-four analysts covering the stock on avg have a "buy" rating; stock trading at ~12% premium to median PT of 5,427.5 rupees - LSEG data

** Stock up ~18% in Q4, its best quarterly gain since July-Sept qtr

($1 = 83.4779 Indian rupees)

(Reporting by Ashna Teresa Britto in Bengaluru)

(([email protected] ; ( +91 8078332441))

** Jefferies says profit growth metrics in Polycab India POLC.NS are slightly higher than those for Havells India HVEL.NS

** Both cos compete in cables and wires (C&W) segment

** Estimates POLC's return on capital employed to grow from 28% in FY23 to 34% in FY26, led by higher volumes in C&W

** Sees HVEL's RoCE to slightly lag, grow from 23% in FY23 to 25% by FY26, mainly dragged by its Lyold brand

** Jefferies has "buy" rating on POLC, with PT of 5,870; while it rates HVEL "hold" due to higher valuations, with PT at 1,400

** Avg analyst rating on HVEL, POLC is "buy" - LSEG

** Median PT for HVEL is 1,457 rupees, POLC is 5,200 rupees - LSEG

** HVEL up 11% YTD vs POLC's 11% decline

(Reporting by Rama Venkat in Bengaluru)

(([email protected]; https://twitter.com/ramavenkat0607;))

By Hritam Mukherjee

BENGALURU, Jan 30 (Reuters) - As much as half of Indian wires and cables maker R R Kabel's RRKA.NS exports are being delayed due to the Red Sea crisis but it is passing on higher freight costs to customers via price hikes, the company's finance chief told Reuters on Tuesday.

Attacks by Yemen's Houthi militia on merchant ships in the Red Sea and retaliatory U.S. strikes have ratcheted up tensions in the Middle East as the Gaza war rages on, forcing companies to reroute shipments as they face delays and jacked-up rates.

"We have no option but to reroute supplies. The cycle will be delayed and we don't know how much time it would take to normalise," Chief Financial Officer Rajesh Jain said, estimating about 40%-50% of the company's exports were affected.

R R Kabel, which got 27% of its revenue for April-December from exports, is re-routing shipments to key export geographies, adding 10-15 days in travel time, Jain said, to the typical travel time of 25-30 days to Europe and the United States.

The comments sparked a 3% drop in the company's share price.

"Cargo costs have increased significantly, but since I am able to pass on this price to my customer, it will not have an impact on my bottom line," Jain said, adding there was no price sensitivity from buyers.

R R Kabel's rival Polycab POLC.NS, which gets about 8% of its revenue from exports, has also flagged increased delivery timelines, although Havells India HVEL.NS, with 3% of revenue from exports last fiscal year, has seen no impact.

Jain's comments come a day after R R Kabel posted a drop in quarterly profit, mainly due to higher copper prices. It did not flag any impact from the Red Sea crisis on its revenue, which rose 10% to 16.34 billion rupees ($197 million) in the quarter.

($1 = 83.0973 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Savio D'Souza)

(([email protected]; X: @MukherjeeHritam;))

BENGALURU, Jan 29 (Reuters) - India's wires and cables maker R R Kabel RRKA.NS reported a third-quarter profit slide on Monday, as higher costs dented the impact of strong demand from the real estate sector.

The company's consolidated profit slipped 0.7% to 709.6 million rupees ($8.5 million) in the quarter ended December, according to an exchange filing.

The profit drop comes after R R Kabel's bottomline more-than-doubled in the second quarter. The company listed its shares in September 2023.

A 5% year-on-year rise in copper prices, a key raw material, spiked total expenses by nearly 12%, eclipsing a 10% rise in revenue from operations.

India's cables and wires makers are benefitting from a demand surge in housing and construction sectors, helped by the government's infrastructure push ahead of national polls this year.

Rivals Havells HVEL.NS and Polycab India POLC.NS have posted higher profits in the December quarter. Finolex Cables FNXC.NS will report its results next month.

Shares of R R Kabel, which have fallen about 6% so far this year, closed 0.8% higher ahead of the results.

($1 = 83.1230 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected]; X: @MukherjeeHritam;))

Jan 18 (Reuters) - Polycab India Ltd POLC.NS:

• DEC-QUARTER CONSOL NET PROFIT 4.13 BILLION RUPEES VERSUS PROFIT 3.58 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 43.40 BILLION RUPEES VERSUS 37.15 BILLION RUPEES

Source text for Eikon: ID:nBSE38jT5z

Further company coverage: POLC.NS

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Jan 11 (Reuters) - Polycab India Ltd POLC.NS:

• INCOME TAX DEPARTMENT OFFICIALS HAD INITIATED A SEARCH PROCEEDING AT SOME OF PREMISES / PLANTS OF COMPANY

• COMPANY HAS FULLY COOPERATED WITH OFFICIALS OF IT DEPARTMENT

• COMPANY REITERATES THAT AS ON DATE, COMPANY HAS NOT RECEIVED ANY WRITTEN COMMUNICATION FROM IT DEPARTMENT REGARDING OUTCOME

• THERE IS NO MATERIAL ADVERSE IMPACT ON FINANCIAL POSITION OF COMPANY

Further company coverage: POLC.NS

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Adds dropped word in third bullet

** Polycab India POLC.NS up ~1% early Weds, after slumping 6.5% on Tues in above-avg vol

** Stock fell after a report said the wires and cables maker has evaded tax worth 2 bln rupees ($24 mln)

** Polycab says has not got any communication from income tax dept

** About 1.5 mln shares traded on the day, already well above daily avg; Tues trading vol was 4.2 mln

** Stock doubled in value in 2023 and has risen every year since listing in 2019

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

Jan 9 (Reuters) - Polycab India Ltd POLC.NS:

• REFUTES RUMOURS OF TAX EVASION

• NOT RECEIVED ANY COMMUNICATION FROM INCOME-TAX DEPARTMENT REGARDING OUTCOME OF SEARCH

Further company coverage: POLC.NS

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Dec 26 (Reuters) - Polycab India Ltd POLC.NS:

• POLYCAB INDIA LTD - INCOME TAX DEPARTMENT SEARCH IS STILL UNDER PROCESS AT SOME OF PREMISES/PLANTS RELATED TO CO

Source text for Eikon: ID:nBSE34ZJLY

Further company coverage: POLC.NS

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Dec 25 (Reuters) - Polycab India Ltd POLC.NS:

• INCOME TAX DEPARTMENT SEARCH IS STILL UNDER PROCESS AT SOME OF PREMISES

Source text for Eikon: ID:nBSE4hHwvy

Further company coverage: POLC.NS

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Dec 21 (Reuters) -

• I-T DEPARTMENT CONDUCTS SEARCHES AT 50 LOCATIONS PAN INDIA OF POLYCAB - CNBC-TV18

Further company coverage: POLC.NS

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** Polycab India POLC.NS, Supreme Industries SUPI.NS are the top mid-cap picks for Jefferies, post September quarter earnings season

** Jefferies foresees capex and housing to continue to deliver healthy volume growth

** Brokerage also identifies Amber Enterprises AMBE.NS, Pidilite Industries PIDI.NS, Finolex Cables FNXC.NS among its top mid-cap picks

** Jefferies key earnings per share (EPS) downgrades from mid-cap segment: UPL UPLL.NS, Graphite India GRPH.NS, HEG HEGL.NS, Crompton Greaves Consumer Electricals CROP.NS, Whirlpool of India WHIR.NS

** "Healthy operating margin expansion drove 44% year-on-year profit growth in our small- and mid-cap coverage," says Jefferies

** The Nifty Mid-cap 100 .NIFMDCP100 has gained 33.2% in 2023 so far, while small-caps .NIFSMCP100 have jumped 42.4%, outperforming benchmark Nifty's .NSEI 9.23% rise

** Both mid- and small-caps are at record highs

(Reporting by Bharath Rajeswaran in Bengaluru)

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By Kashish Tandon and Bharath Rajeswaran

BENGALURU, Nov 15 (Reuters) - India's weightage in MSCI's Global Standard (Emerging Markets) index will move close to 16.3%, an all-time high, from the current 15.9%, after the index provider's November review.

This marks "a significant increase over the past three years, almost doubling its weight," Nuvama Alternative & Quantitative Research said in a note.

Foreign portfolio investors use the MSCI indexes as a gauge to allocate their passive flows.

MSCI added nine Indian stocks to the index in its November review on Tuesday, with changes to come into effect from market close on Nov. 30. Post the rebalance, India's stock count will rise to 131.

Indian automaker Tata Motors TAMO.NS, cables maker Polycab India POLC.NS, real estate firm Macrotech Developers MACE.NS, IndusInd Bank INBK.NS and Paytm-parent One 97 Communications PAYT.NS were among the nine stocks to be added. No Indian stocks were deleted to accommodate the new additions.

According to Nuvama's calculations, India is likely to receive passive inflows of close to $1.5 billion post the rejig.

IndusInd Bank INBK.NS, Suzlon Energy SUZL.NS, Persistent Systems PERS.NS, and APL Apollo Tubes APLA.NS will each receive maximum inflows of $355 million, $289 million, $255 million and $228 million after the inclusion, the domestic brokerage said.

MSCI added One 97 Communications PAYT.NS and Polycab India POLC.NS to its India Domestic Index, an index focussed on the large- and mid-cap segments of the domestic market.

Power Finance Corp PWFC.NS, REC RECM.NS, IDFC First Bank IDFB.NS, Supreme Industries SUPI.NS and Max Healthcare Institute MAXE.NS have been included in the domestic index.

MSCI's small-cap index, which accounts for approximately 14% of the market capitalisation of Indian stocks in MSCI indexes, also witnessed an inclusion of 41 stocks while 13 stocks were excluded.

(Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)

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Oct 18 (Reuters) - Polycab India Ltd POLC.NS:

• SEPT-QUARTER CONSOL NET PROFIT FROM CONTINUING OPERATIONS 4.26 BILLION RUPEES VERSUS PROFIT 2.68 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 42.18 BILLION RUPEES VERSUS 33.32 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: POLC.NS

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Oct 13 (Reuters) - De Neers Tools Ltd DENE.NS:

• COMMENCEMENT OF EXCLUSIVE SUPPLIES TO OEM S LIKE HAVELLS, POLYCAB, ORIENT ELECTRIC AND APL APOLLO PIPES

Source text for Eikon: ID:nNSE474Fdm

Further company coverage: DENE.NS

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BENGALURU, Sept 15 (Reuters) - Indian wires and cables maker RR Kabel's initial public offering, valued at about 19.64 billion rupees ($236.25 million), was oversubscribed nearly 19 times on Friday, according to data from the National Stock Exchange.

Investors bid for 248.9 million shares by the final day of bidding, 18.69 times the 13.3 million shares on offer.

Mumbai-based RR Kabel, which is backed by private equity firm TPG, priced its IPO between 983 rupees and 1,035 rupees, according to a newspaper advertisement last week.

TPG, which owns a 16.67% stake in the company, will sell shares worth up to 13.35 billion rupees, or nearly 70% of its total holding in RR Kabel, based on Reuters calculations.

RR Kabel plans to use the proceeds to repay outstanding debt, which was 7.77 billion rupees as of Aug. 28, according to the prospectus.

The company's consolidated revenue in fiscal 2023 rose about 28% to 55.99 billion rupees from a year earlier, while profit dropped more than 11%.

RR Kabel competes with companies such as Polycab India POLC.NS and Finolex Cables FNXC.NS, whose shares have more than doubled so far this year on the back of government infrastructure spending and a real estate upcycle.

Axis Capital, Citigroup, HSBC Securities and JM Financial are the lead book-running managers for the RR Kabel IPO.

($1 = 83.1320 Indian rupees)

(Reporting by Ashish Chandra in Bengaluru; Editing by Shounak Dasgupta)

(([email protected]; +91 7982114624))

BENGALURU, Sept 8 (Reuters) - Indian wires and cables maker RR Kabel has priced its initial public offering (IPO) between 983 rupees and 1,035 rupees, according to a newspaper advertisement on Friday, valuing the offering at around 19.64 billion rupees ($236.19 million).

The Mumbai-based company, backed by private equity firm TPG, will issue new shares worth 1.8 billion rupees, as per its prospectus dated Sept. 6, while existing shareholders will sell shares worth 17.84 billion rupees.

TPG, which owns a 16.67% stake in the firm, will sell shares worth up to 13.35 billion rupees ($160.54 million). This is nearly 70% of its total holding in RR Kabel, according to Reuters' calculations.

RR Kabel would use proceeds from the fresh issue to repay its outstanding loans, which stood at 7.77 billion rupees as of Aug. 28, as per the prospectus.

Its annual consolidated revenue in fiscal 2023 climbed about 28% to 55.99 billion rupees from a year ago, while profit dropped over 11%.

RR Kabel competes with companies such as Polycab India POLC.NS and Finolex Cables FNXC.NS, shares which have soared more than 100% so far this year on the back of government infrastructure spending and a real estate upcycle.

Axis Capital, Citigroup, HSBC Securities and JM Financial are the lead book-running managers of the IPO.

($1 = 83.1550 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru; Editing by Janane Venkatraman)

(([email protected]; X: @MukherjeeHritam;))

** Shares of Polycab India POLC.NS up as much as 3.2% to an all-time high of 5,156 rupees

** Morgan Stanley says co's cables and wires (C&W) business has led to its earnings beating estimates for past six quarters

** Adds higher per capita disposable income and better access to electricity in India to drive stronger growth for Polycab's C&W business

** Over 638,000 shares change hands by 12:26 p.m. IST, 0.6x the 30-day moving avg

** Avg rating of 27 analysts close to equivalent of 'buy;' median PT is 4,777 rupees - Refinitiv

** Including session's gains, stock up 100% YTD

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

** Shares of Polycab India POLC.NS rise as much as 3.95% to record high of 4,479.05 rupees

** The company has logged fresh record highs over the last three sessions since reporting jump in June-quarter profit on Tuesday

'SOLID EXECUTION, HEALTHY VOLUMES'

** Jefferies ("buy", PT: 4,835 rupees) says consistent execution and improved volumes in cables and wires aided June-quarter results, terms it the top pick in broader markets

** Bank of Baroda Capital Markets ("buy", PT: 5,000) expects company to achieve its target of 200 bln rupees ($2.44 bln) in revenue well before the targeted timeline of FY26

** Centrum Broking ("add", PT: 4,500) expects volume growth and margin expansion to continue in FY24, sees further gains from demand recovery

** Systematix Institutional Equities ("hold", PT 4,449 rupees) sees potential for long-term sustainable growth

($1 = 82.0300 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

** Shares of wire-maker Polycab India Ltd POLC.NS rise as much as 3.6% to a record high of 4,055 rupees

** Co reports 81.7% surge in consol net profit for the three months to June 30 as revenue growth outpaces rise in expenses

** Stock on track for 7th consecutive sessions of gains

** More than 1.26 mln shares change hands by 1:36 p.m. IST, 3.4x their 30-day avg

** Avg rating of 27 analysts covering the stock is "buy"; median PT 3,517 rupees - Refinitiv data

** Stock up over 56% YTD

($1 = 82.0130 Indian rupees)

(Reporting by Hritam Mukherjee in Bengaluru)

(([email protected];))

June 30 (Reuters) - Polycab India Ltd POLC.NS:

• EXECUTED SHARE PURCHASE AND TERMINATION AGREEMENT WITH BOOTBHAVANI FABRICATORS AND STEEL MATRIX

• AGREEMENT FOR ACQUIRING BALANCE 25,000 SHARES HELD BY BOOTBHAVANI FABRICATORS IN STEEL MATRIX

Source text for Eikon: ID:nBSE5pbn89

Further company coverage: POLC.NS

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