Shares of Polycab India Ltd. rose 7.83% in intraday trade, most in nine months, to Rs 2,609 apiece.
HSBC initiated coverage of Polycab India Ltd. with a recommendation of buy on Thursday. The target price has been kept at Rs 3,200, with an implied return of 32.25%.
Polycab India allotted in aggregate 53,570 shares of face value of Rs 10 each to employees who had exercised their options under Polycab Employee Stock Option Performance Scheme 2018 and Polycab Employee Stock Option Privilege Scheme 2018, the company said in an exchange filing post market hours Thursday.
Of the 26 analysts tracking the company, 21 maintained 'buy' and five maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 13.6%. Trading volume on the stock was 3.5 times the 30-day average volume for this time of the day. The relative strength index on the stock was 70, suggesting it may be overbought.
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