Economy · India
Aditya Birla Group launches Ultravolt, impacting rival stock prices
Aditya Birla Group has launched its new wires and cables brand, Ultravolt, with an initial investment of ₹1,800 crore. The company aims to become a major player in India's wires and cables market, targeting the second-largest position within three to five years. The launch has led to a significant drop in the stock prices of existing major players in the sector. Shares of KEI Industries fell over 8%, Polycab India dropped by 6%, and Finolex Cables and RR Kabel saw declines of 5% each. Havells India shares also decreased by over 3%. UltraTech Cement's stock, however, saw a marginal increase of 0.5%. Analysts are reviewing the impact of this new competition on the sector.
How outlets across the spectrum covered it
L 0 C 7 R 0
- Centre (7 votes, 8 outlets): Business Standard, Business Today, Mint, Navbharat Times · The Economic Times (Times Group — 1 vote), The Financial Express, The Free Press Journal, The Hindu BusinessLine