Polycab India, the largest manufacturer of wires and cables in India and a fast-growing player in the FMEG space, gained 6 per cent to Rs 884 in intra-day trade today. Whirlpool of India was up 2.5 per cent to Rs 2,244, while V-Guard Industries up 2 per cent to Rs 174. Bajaj Electricals and Amber Enterprises were up 1 per cent each on the BSE. In comparison, the S&P BSE Sensex was down 0.08 per cent at 36,645 points at 10:25 am.
After the relaxation of lockdown, sales for June recovered to almost pre-Covid levels, with strong pent-up demand seen in refrigerators, washing machines, and small appliances categories.
Whirlpool of India could see faster rebound backed by new product launches and sustained market share gains. Additionally, entry-level products would see better growth from tier 2 and smaller cities, which would benefit Whirlpool through its strong distribution reach, analysts at Emkay Global Financial Services said.
“Bajaj Electricals, one of the largest plays in the fans & small appliances categories, reported positive sales growth in June. We believe pent up demand coupled with normalisation of business activities in containment zones bodes well for Bajaj Electricals, Havells India, V-Guard Industries,” ICICI Securities said in a note.