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The agreement, part of package 4 of the Amended BharatNet Programme, covers design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile network infrastructure.
According to a stock exchange filing, Polycab India has entered into an agreement with Bharat Sanchar Nigam (BSNL) to act as the Project Implementation Agency (PIA) for the design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile network under BharatNet in the Karnataka, Goa, and Puducherry Telecom Circles. The project, under Package No. 4, is valued at Rs 6,447.54 crores (inclusive of GST), comprising Rs 3,741.92 crores for capital expenditure (Capex), Rs 2,245.15 crores for operating expenses (Opex) for the newly constructed network, and Rs 460.47 crores for Opex of the existing network.
The construction is to be completed within three years, followed by a maintenance contract for a period of 10 years. The maintenance cost will be 5.5% per annum of Capex for the first five years, and 6.5% per annum of Capex for the subsequent five years.
The firm stated that the promoter/promoter group or group companies have any interest in the entity that awarded the order(s)/contract(s), the company has stated that there is no such interest.
Polycab India is the largest manufacturer of wires and cables in India and a fast-growing player in the Fast Moving Electrical Goods (FMEG) space. The Group is also in the business of engineering, procurement, and construction (EPC) projects.
The company’s consolidated net profit spiked 32.68% to Rs 734.40 crore on a 24.92% rise in revenue from operations to Rs 6,985.8 crore in Q4 FY25 over Q4 FY24.
Shares of Polycab India rose 0.24% to Rs 6,055.70 on the BSE.
Media shares witnessed selling pressure for the second consecutive trading session.
At 11:25 IST, the barometer index, the S&P BSE Sensex declined 195.99 points or 0.24% to 81,390.04. The Nifty 50 index declined 46.05 points or 0.19% to 24,807.80.
In the broader market, the S&P BSE Mid-Cap index fell 0.27% and the S&P BSE Small-Cap index shed 0.13%.
The market breadth was negative. On the BSE, 1,634 shares rose and 2,046 shares fell. A total of 270 shares were unchanged.
IPO Update:
The initial public offer (IPO) of Arisinfra Solutions received bids for 10,08,216 shares as against 1,30,84,656 shares on offer, according to stock exchange data at 11:24 IST on Wednesday (18 June 2025). The issue was subscribed 0.08 times.
The issue opened for bidding on Wednesday (18 June 2025) and it will close on Friday (20 June 2025). The price band of the IPO is fixed between Rs 210 and 222 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof.
Buzzing Index:
The Nifty Media index fell 0.83% to 1,709.05. The index declined 1.55% for the two consecutive trading sessions.
Dish TV India (down 2.05%), Saregama India (down 1.69%), D B Corp (down 1.38%), Zee Entertainment Enterprises (down 1.31%), Sun TV Network (down 0.89%), Tips Music (down 0.67%), Hathway Cable & Datacom (down 0.47%) and Network 18 Media & Investments (down 0.32%) declined.
Stocks in Spotlight:
Glenmark Pharmaceuticals rose 0.26%. The company announced that its manufacturing facility in Monroe, North Carolina, USA, has received a Form 483 with five procedural observations from the United States Food and Drug Administration (USFDA).
Polycab India shed 0.32%. The company said that it has executed a contract worth Rs 6,447.54 crore with Bharat Sanchar Nigam (BSNL) to act as the project implementation agency (PIA) for the BharatNet project in Karnataka, Goa, and Puducherry.
Global Markets:
Markets in Asia traded in a mixed fashion on Wednesday, as escalating tensions between Israel and Iran weigh on investor sentiment.
Adding fuel to fire, U.S. President Donald Trump is mulling a military strike on Iran, while demanding the country’s leader Ayatollah Ali Khamenei “surrender,” media reports stated.
Japan exports in May declined 1.7% year on year, which is lower than the decline of 3.8% that was widely anticipated by the markets.
The data comes a day after the Bank of Japan highlighted in its monetary policy statement that the country’s growth was likely to “moderate” on the back of factors like trade, which would lead to a slowdown in overseas economies and a decline in domestic corporate profits.
On the Wall Street, all three major averages ended the trading day lower. The Dow Jones Industrial Average lost 299.29 points, or 0.70%, to close at 42,215.80. The S&P 500 shed 0.84% to end at 5,982.72, while the Nasdaq Composite fell 0.91% and settled at 19,521.09.
The key indices ended lower ahead of the US Federal Reserve’s rate decision, which is due Wednesday afternoon. The U.S. central bank is widely expected to hold rates steady, but investors will be keeping a close eye on Fed Chair Jerome Powell’s post-meeting comments.
Traders are also watching for policymakers’ forecast on rate policy, as the Federal Open Market Committee will be sharing members’ “dot plot” of rate expectations.