Polycab India shares climb on denying tax evasion reports; details here

Shares of Polycab India Ltd were up in Wednesday's trade after refuting rumours of tax evasion. The stock, which tanked nearly 9 per cent during the previous session, today rose 3.47 per cent to hit a day high of Rs 5,036.20. It was last seen trading 1.39 per cent higher at Rs 4,935.45.

"Polycab denies any rumours of tax evasion by the company circulating in media. The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax (I-T) department officials during the search proceedings in December 2023," it stated in a BSE filing.

The firm has not received any communication from the I-T department regarding the outcome of the search, it added.

Separately, exchanges have sought clarification from the wire and cable manufacturer on a report titled "Polycab share price tanks on reports of over Rs 200-crore tax evasion, companies denies allegations". The company is yet to reply on the same.

On BSE, around 1.08 lakh shares were changing hands today. The figure was higher than the two-week average volume of 37,000 shares. Turnover on the counter came at Rs 53.59 crore, commanding a market capitalisation (m-cap) of Rs 74,094.41 crore.

The counter was trading lower than the 5-day, 10-, 20-, 30-, 50- and 100-day simple moving averages (SMAs) but higher than the 150-day and 200-day SMAs. The counter's 14-day relative strength index (RSI) came at 32.67. A level below 30 is defined as oversold while a value above 70 is considered overbought.

The company's stock has a price-to-equity (P/E) ratio of 44.43 against a price-to-book (P/B) value of 10.16.

The company is the country's largest manufacturer of wires and cables. Polycab's business operations span across India through 23 manufacturing facilities, 15-plus offices and 25-plus warehouses.

(Disclaimer: Business Today provides stock market news for informational purposes only and that should not be construed as investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.)

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