Polycab shares crashing by over 7% on January 9, 2024

Before Market Opens
10 January, 2024

The significant decline in Polycab’s share prices can be attributed to allegations of tax evasion against the company. The Income Tax Department of India reported finding undisclosed income of approximately ₹200 crore (or around $24.1 million) linked to Polycab. This revelation led to a substantial drop in the company’s stock value, with shares crashing by over 7% on January 9, 2024. This was the lowest the shares had fallen in over two months, reaching around 4,996.2 rupees.

Further details emerged indicating major tax irregularities within Polycab India. It was reported that the company’s promoter had shown sales in his personal account rather than in the company’s account, with annual sales of about ₹250-300 crore being recorded in his personal account instead

About Polycab:

Polycab India Ltd is a prominent company in the Indian electrical industry, specializing in the manufacture and sale of wires, cables, and fast-moving electrical goods (FMEG). The company’s product range includes not only cables and wires but also switches, switchgear, LED lights, fans, solar inverters, and pumps. These products are well-recognized under the Polycab brand.

Founded in 1996, Polycab has established a substantial operational footprint in India, with approximately 25 manufacturing facilities spread across states like Gujarat, Maharashtra, Uttarakhand, and the union territory of Daman. The company’s revenue and net income reflect its significant position in the market, with reported revenues of 161.46 billion INR and a net income of 16.07 billion INR. Polycab employs about 4,490 people and is headquartered in Mumbai, Maharashtra.

The company’s business activities are primarily divided into three segments: Wires and Cables, Fast Moving Electrical Goods (FMEG), and Others. Among these, the Wires and Cables segment is the major revenue generator for Polycab. This segment includes a wide array of products catering to various needs in the electrical industry.

Overall, Polycab’s diverse product range, extensive manufacturing capabilities, and strong market presence in India highlight its role as a key player in the electrical goods and manufacturing sector

24 February, 2024

Byju’s, once heralded as a flagship in India’s edtech sector, is grappling with severe financial and operational challenges, marked by a dramatic valuation drop. The company, which sought to stabilize its operations and finances, is now raising funds at a valuation significantly lower than its peak. This development comes amid efforts to address a substantial debt burden, with Byju’s proposing a repayment plan for its $1.2 billion loan. Investor confidence appears shaken, with some stakeholders pushing for drastic changes in leadership to navigate the crisis effectively. The turmoil reflects broader sectoral pressures and raises questions about the sustainability of high-growth trajectories in the edtech industry

10 February, 2024

Australia’s energy market is witnessing significant transitions and investments aimed at bolstering renewable energy infrastructure and securing gas supplies. Key developments include a $179 million investment by the Queensland Government for community battery projects, Santos’ $5.7 billion gas pipeline project following a legal battle win, and a $206 million energy savings package for NSW households. Additionally, the Australian government has secured new gas supply deals to support the east coast market, emphasizing the role of gas in transitioning to a renewable grid.

India 2024
9 February, 2024

The latest opinion polls, including the Mood of the Nation survey by India Today, predict a comfortable victory for Prime Minister Narendra Modi’s BJP and its allies in the National Democratic Alliance (NDA), with a projected win of 335 Lok Sabha seats in the 2024 general elections. This forecast suggests a slight decrease from the 2019 elections but still ensures a majority. The survey, involving interviews with over 149,000 respondents, reflects Modi’s enduring popularity based on his nationalist policies and economic reforms. Other polls echo these findings, although seat projections vary slightly. The opposition INDIA alliance is expected to secure a significant number of seats, yet not enough to challenge the NDA’s majority. These predictions highlight a political landscape that remains largely favorable to Modi and the BJP as the election approaches