Shares of wire manufacturer KEI Industries declined as much as 4% to their day’s low of Rs 4,446 on the BSE on Friday after international brokerage firm Jefferies slashed the target price by 11% to Rs 6,150 from Rs 6,920, an upside of 31%. The brokerage, however, retains a Buy call on the stock.
“Ultratech’s launch has raised investor concerns on KEI’s future profitability. We believe current market price factors in approx. 300 bps loss in market share for KEI over FY26-30E in its retail segment and no offset from power or exports,” the brokerage said in a note.
