RR Kabel slips 2% on reports of tax searches across offices

The stock of the wire and cable manufacturer has gained 37 percent after it made its market debut on September 20

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The RR Kabel stock slipped more than 2 percent on November 29 on reports of income-tax searches at its offices across the country emerged.

The stock of this wire and cable manufacturer has surged 20 percent in the past month against a 4 percent rise in the benchmark Sensex.

The recently listed RR Kabel makes wires and cables that are used in panels, cabinets and machines. It also makes internal wirings with switchgears, relays, controllers, equipments and controls units for hazard-prone areas.

The company has five facilities —cable and wires units in Waghodia in Gujarat and in Silvassa in the Union Territory of Dadra and Nagar Haveli, a commercial lightings plant in Bengaluru and FMEG units in Roorkee in Uttarakhand and Gagret in Himachal Pradesh.

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In the September quarter, RR Kabel’s net profit more than doubled to Rs 74 crore and revenue jumped 18 percent year-on-year (YoY) to Rs 1,609.7 crore.

ALSO READ: Buy R R Kabel; target of Rs 1800: Prabhudas Lilladher

Following Q2 update, analysts at Prabhudas Lilladher estimated revenue/Ebitda/PAT compounded annual growth rate (CAGR) of 21.1 percent/39.3 percent/44.5 percent over FY23-26.

“We maintain a ‘buy’ rating on RR Kabel with a revised target price of Rs 1,800 per share given solid H1 performance and strong guidance for coming years,” the brokerage firm had said in an earlier note.

At 10.52 am, the stock was trading at Rs 1,632.35 on the NSE, down 1.64 percent from the previous close. The stock listed on September 20 at Rs 1,180 at a 14 percent premium to the issue price of Rs 1,035. It has since gained 37 percent.

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