JP Morgan has issued a fresh brokerage note on Polycab India Ltd., reiterating its positive stance on the company. The global brokerage has maintained its overweight rating and raised the target price to Rs 9,600 from Rs 8,900. The current market price of Polycab India Ltd is Rs 8,590.
JP Morgan remains constructive on Polycab given the strong structural trends of electrification and the ongoing energy transition across India. The brokerage added that the stock could continue to outperform as expectations of earnings upgrades build over upcoming quarters. It also said the potential for margin recovery over the next two quarters, aided by the pass‑through of metal price fluctuations and sustained demand growth in both retail and institutional segments.
JPMorgan, in its latest note, sees a potential for valuation re‑rating, supported by a strengthening export pipeline and improving domestic demand outlook. A notable positive trigger, it said, would be the alleviation of concerns around excess capacity additions from incumbents and new entrants.
Polycab India Ltd. Share Market Price Today
Polycab share price today
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Shares of Polycab closed at Rs 8,548 with an intraday low of 2.44% on Monday. This compares to a 1.24% decline in the NSE Nifty 50 Index. The total trading volume for the day was 0.41 while the RSI was at 58.60.
Out of 35 analysts tracking the company, 26 maintain a 'buy' rating while five maintain a "hold" and four maintain a "sell" rating, according to Bloomberg data. The average 12-month consensus price target of Rs 8,628.41 implies an upside of 0.7%.
It should be noted that the stock market benchmark indices Sensex and Nifty nosedived over 1% on Monday as investors' sentiment were hit hard following a sharp spike in crude oil prices amid escalating tensions in West Asia.
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