The stock hit a record high of Rs 4848 on 28 July 2023. It hit a 52-week low of Rs 2,197.95 on 21 July 2022.

The stock outperformed the market over the past one month, rising 34.13% compared with 5.08% increase in the Nifty.

The scrip outperformed the market in past one quarter, climbing 47.35% compared with 12.43% rise in the Nifty.

The scrip outperformed the market in past one year, rising 106% compared with 19.33% increase in the Nifty.

On the technical front, the stock's daily RSI (relative strength index) stood at 81.64. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 3603.32, 3323.88 and 3026.04, respectively. These levels will act as crucial support zones in near term.

Polycab India's consolidated net profit jumped 81.69% to Rs 399.27 crore on 42.13% increase in revenue from operations to Rs 3,889.38 crore in Q1 FY24 over Q1 FY23.

The company said that revenue grew 42% YoY in spite of lower commodity prices on the back of strong volume growth in wires and cables business.

Consolidated profit before tax jumped 80% to Rs 5,305 crore in the quarter ended 30 June 2023 as compared with Rs 2,947 crore in corresponding quarter last year.

EBITDA jumped 77% YoY to Rs 548.6 crore in Q4 FY23. EBITDA margin improved around 280 bps YoY to 14.1% driven by judicious price revisions, better operating leverage and favourable business mix.

Wires and Cables business revenue grew 46% YoY basis to Rs 3,487.4 crore on the back of strong volume growth both domestically and internationally.

FMEG business was muted during the quarter as weak consumer sentiment weighed down on sales However, the segment showed 3% year-on-year and sequential growth as benefits of channel realignment started to play-out.

Polycab India is the largest manufacturer of wires and cables in India and fast growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of Engineering, Procurement and Construction (EPC) projects.