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UltraTech Entry Shocks Wire Cos
Mint New Delhi
|February 28, 2025
UltraTech Cement Ltd's decision to enter the cables and wires (C&W) industry has given the jitters to firms in the sector on fears of heightened competition.
UltraTech Cement Ltd's decision to enter the cables and wires (C&W) industry has given the jitters to firms in the sector on fears of heightened competition. Shares of Polycab India Ltd, KEI Industries Ltd, Havells India Ltd, RR Kabel Ltd and Finolex Cables Ltd fell by 6% to 21% on Thursday. It is also likely that valuations of some stocks were steep to begin with and just needed a trigger.
A concern is that the C&W sector could have a similar fate to that of the paints industry, which has seen new firms enter, weighing on valuation multiples of incumbents. UltraTech's capex for the C&W endeavor is ₹1,800 crore in the next two years. It will set up a plant near Bharuch, which is expected to be commissioned by December 2026.
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