C&W stocks lose spark as Adani group charges in

Analysts see conglomerate's entry driving organised sector gains

- NIKITA VASHISHT

Shares of large cable and wire (C&W) manufacturers came under investors' axe on Thursday as intensifying competition, following the Adani group's foray into the sector, hit sentiment. Shares of KEI Industries, Polycab India, RR Kabel, Finolex Cables, and Havells India fell up to 13 per cent on the BSE, while the benchmark BSE Sensex rose 1.19 per cent.

In a stock exchange filing on Wednesday, Adani Enterprises (AEL) informed the market that Kutch Copper, a wholly owned subsidiary, has incorporated a 50:50 joint venture (JV) company—Praneetha Ecocables—with Praneetha Ventures.

Through the JV, Adani group will manufacture, market, distribute, buy, and sell metal products, cables, and wires.

On the bourses, KEI shares plunged 15.68 per cent intraday, while Polycab fell 9.7 per cent, Havells 5.5 per cent, and Finolex 4.7 per cent. These stocks ended up to 13.3 per cent lower. AEL, meanwhile, settled 0.77 per cent higher after rising 1.6 per cent intraday.