Breakout stock: Polycab zooms by 3 percent; trades at record highs

The share price of Polycab soared by more than 3 per cent on Tuesday, trading at record highs. The stock gave a fresh breakout on Tuesday with rising volume.

On the daily charts the bullish moving average cross over (9D SMA over 30D EMA) was seen on August 23. The shares of Polycab bounced from the 9D SMA on August 30, indicating bullish sentiment in the stock.

The shares of Polycab have gained by more than 14 per cent in past 5 trading sessions while in one month the stock is up by more than 12 per cent. In 2021 alone the stock is up by more than 100 per cent.

Polycab on August 27 was included in the list of F&O stocks. Since the stock was included in the F&O segment, the shares of Polycab have seen fresh buying.

Polycab has reporting impressive earnings performance with its key segments such as Wires and Cables delivering a growth of 34.9 per cent YoY owing to improvement in consumer sentiment, healthy pick up in infrastructure & industrial project activities and higher sales realization. Growth is also seen in the lighting products and switches & gear segment. Fast moving Electrical Goods (FMEG) segment also has delivered strong growth. With strong growth expected in BEC segment and leadership position in B2B segment Polycab is poised for impressive performance in coming quarters.