Big Moves, Big Drops
Los Angeles, CA—Stocks of cable and wire heavyweights KEI Industries, Polycab, and Havells took a nosedive on March 20, 2025, some plunging as much as 13%, after Adani Group threw its hat into the ring with a new joint venture, Praneetha Ecocables. The announcement from Adani Enterprises dropped late on March 19, and by Thursday morning, Wall Street traders and industry watchers were buzzing about the shake-up in this corner of the industrial world.
Adani’s flagship outfit revealed that its subsidiary, Kutch Copper, had teamed up with Praneetha Ventures to launch Praneetha Ecocables Limited, splitting the equity 50-50. The new player’s mission? To manufacture, market, and sell metal products, cables, and wires—a direct shot across the bow of established names. Adani Enterprises stock, meanwhile, shrugged off the drama, climbing to $28.15 (Rs 2,326) in early trading on March 20.
Double Trouble for the Industry
This isn’t the first curveball for the cables crowd. Just days ago, Aditya Birla Group’s UltraTech Cement flexed its muscles, unveiling plans for a $21.7 million (Rs 1,800 crore) wires and cables plant in Gujarat, set to roll out over the next two years. With two mega-conglomerates crashing the party, the pressure’s on for the old guard—and their stock prices are feeling the heat.
Polycab, a titan in the segment, saw its shares skid nearly 9% to $60.15 (Rs 4,972) on March 20, a sharp U-turn from the 5% pop it enjoyed the day before, closing at $65.80 (Rs 5,438.40). Over the past year, it’s been a rough ride—down more than 32%. KEI Industries didn’t fare much better, crashing over 13% to $34.55 (Rs 2,855.15). The stock’s been on a slide, hitting a 52-week low of $35.15 (Rs 2,902.85) last month, and shedding 36% in the last 12 months.
Havells took a 5% hit, landing at $17.90 (Rs 1,479), even after a big rally on March 19. That bump came thanks to a government move to ditch mandatory BIS certification for key parts, easing supply worries ahead of a brutal summer. Still, it’s down 12% year-over-year. RR Kabel, meanwhile, dipped a modest 2% to $10.93 (Rs 903), fresh off a 52-week low of $10.33 (Rs 854)—a 37% drop over the past year.
What’s Next?
Adani’s Praneetha Ecocables isn’t just a side gig—it’s a full-on play to grab a slice of a market that’s already flexing with growth. For U.S. investors keeping an eye on global industrials, this is a signal: competition’s heating up, and the cable game’s getting crowded. With UltraTech and Adani both muscling in, the pressure’s on Polycab, KEI, and Havells to hold their ground—or risk getting wired out.
