Polycab India shares fell nearly 6% on September 4, 2026, as investors reacted to the launch of UltraTech Cement’s new wire and cable brand. Meanwhile, Angel One shares rose 8% after the company reported strong monthly client additions, even as trading volumes showed signs of cooling.
Polycab India shares faced selling pressure on September 4, 2026, falling nearly 6% as the market reacted to the entry of a major new competitor in the wires and cables sector. UltraTech Cement officially launched its 'Ultravolt' brand, raising concerns among investors about a potential price war in the residential wire segment, which accounts for roughly 30% of Polycab’s revenue. Despite this dip, global brokerage firm JP Morgan maintained an 'overweight' rating on the stock with a price target of ₹10,000, arguing that the competitive threat remains limited for now due to the new entrant's current capacity constraints.
Angel One stock followed a different path, rallying nearly 8% on the same day. The brokerage firm reported robust business metrics for August 2026, with its total client base growing 17.8% year-on-year to 39.56 million. The company added 0.57 million new clients during the month, marking a 19.9% increase over July. While the user growth numbers were strong, the company experienced a moderation in trading activity. Total orders fell 18.7% month-on-month to 109.50 million, and there was a noticeable decline in retail market share and overall notional Average Daily Turnover.
For Polycab investors, the key monitorable remains whether the company will need to lower prices or increase marketing spending to protect its market share against 'Ultravolt.' If pricing pressure intensifies, profit margins could come under pressure. For Angel One shareholders, the divergence between user growth and trading volumes is a point to watch. While a larger client base helps long-term, the company’s earnings are highly dependent on active trading volumes. Additionally, the broader brokerage industry faces potential regulatory scrutiny regarding derivative settlement methodologies, which investors often track as a long-term risk factor.