Kei share price: Shares of leading cable and wire manufacturers like KEI Industries, Havells, Polycab and RR cables fell up to 1% in early trade on Thursday after the Adani Group announced to enter the cable manufacturing segment by launching a new joint venture called ‘Praneetha EcoCables’.
In a stock exchange filing issued after market hours on March 19 i.e. Wednesday, Adani Group’s flagship company Adani Enterprises informed that its wholly-owned subsidiary Kutch Copper has incorporated a joint venture company called ‘Praneetha EcoCables Limited’. The new joint venture aims to manufacture, market, distribute, purchase and sell metal products, cables and wires.
This announcement escalated a massive downward trend in stocks of major cable and wire manufacturers.
KEI Industries Share Price Today
Shares of KEI Industries tanked over 14% to touch a low of Rs 2,802.00 on NSE. At around 11:00 am, the stock was trading at Rs 2,808.35, falling 14.46%. The cable and wires stock had hit a 52-week low of Rs 2,954.95 per share in February this year and it has seen a significant decline in recent days.
Havells Share Price
At around 11:03 am, Havells shares were trading at 1485.05, down 4.64% on NSE. Just a day before Havell's share price had risen significantly following the government's decision to exempt key components from mandatory BIS certification, easing supply concerns ahead of the summer.
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Polycab Share Price
Polycap shares plunged 9.43% to trade at Rs 4,925.46 at around 11:05 am on Thursday. This comes a day after the stock closed at Rs 5,438.40 after rising nearly 5 per cent on Wednesday.
RR Cables Share Price
RR Cable shares fell 2.20% to trade at 896.20 in morning trade on NSE. Earlier this week the stock touched a 52-week low of Rs 853.55.
Aditya Birla Group To Foray In To Segment
Notably, Adani Group's announcement to foray into the cables and wires segment comes days after Aditya Birla Group announced that its flagship Ultratech Cement will enter the sector by setting up a wires and cables plant in Bharuch, Gujarat.
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