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Jefferies continues to express optimism about Polycab India, upholding its 'buy' rating and setting a target price of ₹8,000 per share. The brokerage is awaiting additional information regarding the tax evasion accusations for a more comprehensive assessment.
Brokerage firm Jefferies maintained a hold rating on HCL Technologies and an underperform rating on Wipro post-Q3 results. Goldman Sachs maintained a buy rating on Polycab India and UBS initiated coverage on SBI Cards with a neutral rating.
Shares of Polycab India surged nearly 7% intraday on Monday as traders covered short positions taken in the futures and options segment of the cable-maker over the last few sessions, where it crashed by nearly a third amid reports of tax evasion.
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"The company asserts its commitment to compliance and transparency, having fully cooperated with the Income Tax Department officials during the search proceedings in Dec '23," said Polycab in the release.