We retain Buy on Polycab India Limited (Polycab) with a revised PT of Rs. 1,200, given the improvement in demand in underlying user-industries. Strong traction seen in new launches and sales in pan-India residential market is expected to drive the company's housing wires and FMEG segments. Multiple price hike undertaken by the company led by a rise in copper prices to drive C&W; revenues along with underlying healthy demand. Copper volatility is a natural hedge unaffecting margin profile. The company to deepen its presence in semi-urban and rural markets to drive FMEG...