Polycab Share Price Surges Over 2% After Jefferies, UBS Hike Target Price After Q1 Results

Shares of Polycab India Ltd., rose over 2% on Friday, after target price upgrades from Jefferies and UBS post the company's first quarter results.

Jefferies maintained 'buy' and hiked its target from Rs 7,150 to Rs 8,180 apiece on the stock, implying a return potential of nearly 19% over the previous close. UBS maintained its 'Buy' rating on Polycab and raised the target price to Rs 8,100 from Rs 7,150.

Polycab India reported an all-round beat on performance in the June quarter, with consolidated revenues, Ebitda and net profit rising by 26%, 47% and 50% respectively. Margin expanded to 14.5% from 12.4% last year.

Shares of Ploycab rose as much as 2.82% to Rs 7,080 apiece. They pared gains to trade 2.43% lower at Rs 7,053 apiece, as of 10:00 a.m. This compares to a 0.33% decline in the NSE Nifty 50.

The stock has risen 7.72% in the last 12 months and fallen 2.93% year-to-date. Total traded volume so far in the day stood at 0.51 times its 30-day average. The relative strength index was at 57.56.

Out of 37 analysts tracking the company, 27 maintain a 'buy' rating, five recommend a 'hold' and five suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an downside of 1.27%.