The cable and wires market is turning into an increasingly competitive market, with major players jumping into the ring. Yesterday, it was reported that Adani Group intends to enter the market, which sends the shares of the other key players in the industry down the abyss of losses.
KEI Shares Emerge Out Decline
KEI Industries was one of the biggest loser in the intraday trade, where the larger markets witnessed a colossal surge in their value.
The company shares appear to have bounced back, on a path to recovery. The KEI Industries shares started the day's trade on a high note, opening at Rs 2,892.00 per piece, bigger than the previous day's closing of Rs 2,841.10.
However, this apparent momentum soon dipped in magnitude, as the cable and wires company lost its steam as the day progressed further.
KEI Yesterday
At the time of writing, the company shares continued to trade in green with gains of 1.23 per cent or Rs 34.90. This has pushed the overall value of the company shares to Rs 2,876.00 per piece.
KEI shares yesterday |
This comes a day after the company shares dipped significantly in the previous day's trading session. The company shares shrunk by over 14 per cent in the day's trade, before closing with a deep cut of 13.47 per cent.
Adani, Ultratech Enter Market
This came to pass after two major players, namely, Adani and Ultratech, jumped into the cable and wires arena.
Adani Enterprises, Adani Group's flagship announced its entry into the cables and wires world through a joint venture of its wholly-owned subsidiary Kutch Copper Limited (KCL) with Praneetha Ventures.
Last month, it was Ultratech, the Aditya Birla Group-owned company that made headlines in this sector. The company said that it would infuse Rs 1,800 crore in the sector.
These two new potential entries have made the market competitive. As a result of this, other company shares, including Havells, and Polycab among other also witnessed a decline in their value.
