The shares of Polycab India zoomed more than 4 per cent on the NSE (National Stock Exchange) after the company turned up to be the lowest bidder for the BSNL project worth Rs 4,099 crore.
The stock jumped almost 5 per cent touching the day-high of Rs 6,935.00 per share on the Indian Stock Exchanges, after ringing the opening bell at Rs 6,700.00 per share on the Dalal Street.
The stock was trading at Rs 6,902.00 per share on the NSE (National Stock Exchange), with a surge of 4.06 per cent amounting to Rs 269.45 per cent on the Indian bourses.
BSNL contract for Rs 4099 crore.
BSNL's Rs 4,099 crore project to 'develop (creation, upgradation, and operation & maintenance) of the middle mile network of Bharat Net on the design, build, operate, and maintain (DBOM) model' saw Polycab India emerge as the lowest bidder (L1), the company said in an exchange filing.
The project will take 3 years to build and 10 years to maintain, costing 5.5 per cent of the capital expenditure annually for the first 5 years and 6.5 per cent annually for the following 5 years.
Polycab Q2 FY25
In the second quarter of the current fiscal year, Polycab India reported a 3.4 per cent increase in its consolidated net profit to Rs 439.8 crore. The post-tax profit for the same period last year was Rs 425.5 crore.
In Q2 of FY25, revenue from operations increased 30.4 per cent to Rs 5,498.4 crore from Rs 4,217.6 crore in the same period last year.
Due to fierce competition in the wires and cables industry, the EBITDA margin for the September quarter was 11.5 per cent.
