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HomeSTOCKSSuddenly Panic Selling, Today 20% Share Crash! Government Authority Suddenly Raid

Suddenly Panic Selling, Today 20% Share Crash! Government Authority Suddenly Raid

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Polycab India Ltd (NSE: POLYCAB): Shares of the manufacturing company Polycab dropped by 20% as quickly after the market opened. At the time of trading, the Polycab shares dropped more than 20% to the price of 3812.35. 

As of now, it was trading at the price of 3995.00 which was down 18.69 percent. Its 52-week highest is 5,722.90 and its lowest is 2,651.15. 

The reason for the current decline in the shares of the company is due to an investigation of the Income Tax Department. 

The Income Tax Department has raided Polycab’s premises Polycab Group and detected unaccounted cash sales that total around Rs 1,000 crore. 

The company’s premises have been searched. The company was founded in 1964 under the name Sindh Electric Stores. 

In 1966, it was named Polycab Wires Private Limited and after 1998, the brand name changed again to Polycab Industries. In 2018, the brand name changed again to Polycab India.

The Central Board of Direct Taxes (CBDT) stated in an announcement that cash unaccounted for over Rs 4 crore was confiscated following raids launched to stop the gang on the 22nd of December, the previous year. 

Additionally, more than 25 lockers at banks have been closed. A total of 50 locations belonging to the group were seized comprising Mumbai, Pune, and Aurangabad along Nashik within Maharashtra, Halol in Gujarat, and Delhi. 

It is unclear why the name of this business wasn’t listed in the CBDT statement. However, official sources have confirmed that it includes Polycab India Limited. 

In the details that were provided to the stock exchanges of Polycab India, the report of tax evasion by the company that is running on the news was described as speculation.

What Was The Message Of The Company?

The company stated in its statement that it is committed to adherence and full disclosure of all regulations. The full cooperation was extended to Income Tax Department officials during the search process in December 2023. 

CBDT hasn’t yet received any news from officials of the Income Tax Department regarding the outcome of the investigation. 

CBDT stated that a significant quantity of suspicious documents as well as digital files were found during the investigation. 

They reveal the tax evasion strategy used by the group in conjunction with authorized distributors.

About Polycab India Ltd

Polycab India Ltd is a company that manufactures and sells cables and wires using the POLYCAB brand. 

The company was founded on the 10th of January, 1996 in Mumbai under the name Polycab Wires Private Limited under the Companies Act, 1956. 

It was later converted to a public limited corporation in the year 2000. The company is operated by three segments: Cables and wires as well as Fast-moving Electrical Goods (FMEG) and Others. 

The Wire and Cable segment manufactures and sells cables and wires. The FMEG segment provides solar products, switches, fans, LED lighting, and much more. 

The Other segment is comprised of the engineering, procurement, and construction (EPC), as well as EPC projects. 

The products it offers comprise Instrumentation Cables, Power cables Control Cables, Solar Cables, Optical Fibre Cables (OFC), Building Cables, and Flexible Wires. 

The company operates facilities in Maharashtra, Gujarat, Daman, and Uttarakhand. It earns the majority of its income through its Wires as well as cables sector.

Fundamental Analysis of Polycab India Ltd

Market Cap₹ 59,016 Cr.
Current Price₹ 3,934.05
52-wk High₹ 5,733.00
52-wk Low₹ 2,651.55
Stock P/E36.77
Book Value₹ 480
Dividend0.51 %
ROCE27.0 %
ROE20.0 %
Face Value₹ 10.0
P/B Value8.24
OPM14.0 %
EPS₹ 107
Debt₹ 213 Cr.
Debt to Equity0.03

Polycab India Ltd Share Price Target 2024 – 2030

Year1st Target2nd Target
2024₹ 4500₹ 5100
2025₹ 5700₹ 6200
2026₹ 6500₹ 6800
2027₹ 7000₹ 7250
2028₹ 7400₹ 7800
2029₹ 8400₹ 9000
2030₹ 9400₹ 10,090
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Polycab India Ltd Shareholding Pattern

Promoters Holding
Sept 202267.97%
Dec 202266.61%
Mar 202366.21%
June 202365.99%
Sept 202365.91%
FII Holding
Sept 20226.44%
Dec 20228.12%
Mar 20239.78%
June 20239.66%
Sept 202312.41%
DII Holding
Sept 202210.35%
Dec 202210.10%
Mar 20239.34%
June 20239.75%
Sept 20238.08%
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Public Holding
Sept 202215.24%
Dec 202215.16%
Mar 202314.67%
June 202314.61%
Sept 202313.58%

Polycab India Ltd Share: Last 5 Years’ Financial Condition

To gain a better understanding of how the market is performing, let’s look at the outlook of this share in the previous years. 

However, investors should be aware of the risks and the market conditions before making any investment decision.

Last 5 Years’ Sales:

2019₹ 7,986 Cr
2020₹ 8,830 Cr
2021₹ 8,792 Cr
2022₹ 12,204 Cr
2023₹ 16,146 Cr

Last 5 Years’ Net Profit:

2019₹ 500 Cr
2020₹ 766 Cr
2021₹ 886 Cr
2022₹ 917 Cr
2023₹ 1,622 Cr
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Last 5 Years’ Debt-To-Equity Ratio:

20190.07
20200.03
20210.05
20220.01
20230.02

Last 10 Years’ Profit Growth:

10 Years:
5 Years:28%
3 Years:18%
Current Year:52%

Last 10 years’ Return on Equity (ROE):

10 Years:
5 Years:20%
3 Years:19%
Last Year:20%

Sales Growth Over 10 Years:

10 Years:
5 Years:16%
3 Years:17%
Current Year:20%

Conclusion

This article is a complete guide about Polycab India Ltd Share.

These information and forecasts are based on our analysis, research, company fundamentals and history, experiences, and various technical analyses. 

Also, We have talked in detail about the share’s future prospects and growth potential.

Hopefully, these informations will help you in your further investment. 

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Also Read: Buy Rating For This TATA Group Share; TATA Share Will Perform Better In This Sector

Disclaimer: Dear readers, we’d like to inform you that we are not authorized by SEBI (Securities and Exchange Board of India). The information on this site is only for informational and educational purposes and shouldn’t be considered financial advice or stock recommendations. Also, the share price predictions are completely for reference purposes. The price predictions will only be valid when there are positive signs on the market. Any uncertainty about the company’s future or the current state of the market will not be considered in this study. We are not responsible for any financial loss you might incur through the information on this site. We are here to provide timely updates about the stock market and financial products to help you make better investment choices. Do your own research before any investment.

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