Polycab India Increases 5% and Maintains its Gains in Clarifying I-T Notices

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Polycab India extended its gains from the previous session on January 15, closing at Rs 4,198, up 5%. The company had explained that the income tax authority had not sent a demand notice.

On January 12, the stock recovered by 3% from its previous 21% decline following the announcement that the IT department had found “unaccounted cash sales” during a search of more than 50 corporate locations.

The management of Polycab India stated in an exchange statement on January 12 that the company had not been provided with written documentation regarding the results.

“The corporation will continue to work closely with the IT department in this area, even though the post-search procedures will unfold naturally. The company’s financial condition has not been materially harmed, according to management.

The income-tax agency announced on January 10 that during a search of more than 50 locations “of a cable and wire company” in December, “unaccounted cash sales” totaling over Rs 1,000 crore were discovered.

This week, wire and cable manufacturer Polycab India will release its financial results for the December quarter. One of the top producers of cables, wires, and related goods in India is Polycab. It also makes uPVC conduits, lugs, and glands. We provide a variety of wires and cables for almost any use. A vast array of consumer electrical goods, including fans, switches, switchgear, LED lights and luminaires, solar inverters, pumps, and more, have been introduced by Polycab in more recent times. Our products are well-known for their outstanding quality and exceptional longevity, and they are readily accessible across the nation.

The Telecom Division of Polycab is responsible for the construction and expansion of passive networking infrastructure.

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