• Source:JND
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Wire And Cable Stocks: The shares of cable manufacturers like Kei Industries, Polycab Ltd, Havells India Ltd, Finolex Cables and RR Kabel Ltd slumped up to 18% during the morning trade on Thursday i.e. February 27 after Ultratech Cement, India's largest cement company, on Tuesday announced to foray into this space.

Post the announcement, not only existing listed cable stocks but Ultratech Cement shares were also down over 4%.

KEI Industries Plunges Over 18%, Havells Shares Down up to 10%

Shares of KEI Industries were down over 15% in the morning trade. At around 10:00 am, the stock was trading at Rs 3,089.35, down 18.66% or 708.50 rupees against the previous day's closing price of Rs 3,797.85 per share on NSE. While Havells shares were trading at Rs 1,432.40, down 7.46% against the previous day's closing price of 1,547,90 per share.

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RR Kabel, Polycab Shares Bleed

At around 10:07 am, RR Kabel shares were down 13.46% or 149.45 rupees, trading at Rs 961.05 per share on NSE. against last day's closing price of Rs 1,110.50. fell over 5% and 4% respectively. Meanwhile, Polycab share price was down 15.20%. The Polycab shares were trading at Rs 4,888.95 against the previous session's closing value of Rs 5,765.60 per share.

Finolex cables Shares were also under pressure, trading over 4% down. The Shares were trading at Rs 854.30, falling 4.62% against the previous day's closing price of Rs 895.70 per share.

Ultratech Cement To Foray Into Cables And Wire Space

Ultratech Cement on Tuesday announced that it will foray into the wires and cables segment and they are planning to set up a manufacturing unit in Gujarat in the next two years. India's largest cement manufacturer said that it has invested Rs 100 crore for this and the company will invest Rs 1,800 in total.

The company said in a statement that the plant will be set up near Bharuch in Gujarat and will start operating by December 2026. On Tuesday, the Aditya Birla Group's board of directors approved a plan to expand its footprint in the construction value chain through its building materials division.

Ultratech Cement Share Price

The news of Ultratech Cement entering into the manufacturing of cables and wires has not only brought cables and wires stocks under selling pressure but the shares of the cement company plunged over 4% in the morning trade on Thursday as well. At around 10:32 am, the shares of the company were trading at Rs 10,460.0, down 4.60% against last session's closing price of Rs 10,964.15 per share on NSE.

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This is a developing story...