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KEI Industries (down 13%), Polycab India (down 9%), Dynamic Cables (down 6%), Finolex Cables (down 3.8%) and Havells India (down 3.6%) slumped. Traders anticipate increased competition and potential market share loss due to Adani's entry into the sector.
Adani Enterprises, through its subsidiary Kutch Copper, formed a 50/50 partnership with Praneetha Ventures to launch PEL. It will focus on manufacturing and distribution of metal products, cables, and wires. PEL, based in Ahmedabad, is newly incorporated with an authorized and paid-up share capital of Rs 10 lakh.
Shares of Adani Enterprises were up 0.47% at Rs 2332.
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