People who have this stock in their portfolio for the last 5 years will be thrilled to see the returns. We are talking about Polycab India Limited, a wire and cables manufacturer. On Friday, this share created a new history, that is, the share reached all-time high.
In fact, shares of Polycab India Limited reached a record level of Rs 7788 during trading on Friday. At the end of trading, the share closed at Rs 7730, up 1.30 percent. With this the market cap of the company has increased to ₹ 1.16 lakh crore.
Strong returns in 5 years
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Polycab stock has proved to be a multibagger for investors in the last few years, the stock has risen 195% in the last 3 years and 851% in the last 5 years. According to technical charts, the stock is currently trading above all its main moving average lines.
Meanwhile, according to Jigar S Patel, expert of Anand Rathi, the stock is getting strong support at ₹ 7,550 and resistance at ₹ 7,800. If this stock remains above ₹ 7,800 then the next target can be ₹ 8,000. At the same time, Motilal Oswal has given a ‘Buy’ rating on it and has given a target of up to ₹ 8,750.
Expert gave new target
YES Securities has advised that there will be a buying opportunity for Polycab shares every fall. Whereas Anand Rathi has set its target price at ₹7,948.
Let us tell you, Polycab company mainly manufactures wires and cables. The company has 23 plants, more than 15 offices and 25 warehouses across the country. In the recent quarterly results, the company’s FMEG (Fast-Moving Electrical Goods) business has also shown profit, which was under pressure for several quarters.
According to experts, the increasing demand in infrastructure, real estate and data center sectors will bring further growth opportunities for Polycab. However, a warning has also been given that if the stock slips below ₹ 7,550, then the possibility of profit booking may increase.
(Note: Before investing in the stock market, definitely take the help of a financial advisor)
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