Adani group: Wire and cables are going to be fierce in the wire & cable sector. After the Aditya Birla Group’s company UltraTech, the Adani Group has also decided to step into the wire and cable business. The Adani Group of the country’s second richest Gautam Adani (Adani Group) has decided to create a joint venture company Pranita EcoCables Limited.

Kutch Copper Kimited, along with Pranita Ventures Private Limited, has decided to start a wire and cable business named Praneeta EcoCels Limited in which both the company will have a 50-50 percent stake. In the regulatory filing given to the stock exchange, Adani Group’s flagship company Adani Enterprises said that the new company will enter the manufacturing, marketing, distribution of wire and cables and metals products.

Competition in the sector is expected to increase in the sector after this announcement of the Adani group’s wire and cables to step into business. So after this announcement of the Adani Group, there has been a strong decline in the shares of the wire and cables sector listed on the stock exchange.

In the trading session of March 20, from Polycab India Ltd to Havells India Ltd, RR Kabel and Finolex Cables shares of Finolex Cables rolled down by 7 %. Going down more than that, when UltraTech Cement has decided to step into the wire and cable business, there was a decline of up to 20 percent in the shares of these companies.

The stock of Adani Enterprises is seeing a boom after the Adani Group’s announcement to step into the wire and cable business and the stock has reached Rs 2348 against the previous closing 2318 in the morning.

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