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Copper hits record high, UltraTech’s Ultravolt on the offensive: A double whammy for cable makers in FY27?

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Copper hits record high, UltraTech’s Ultravolt on the offensive: A double whammy for cable makers in FY27?
Copper’s record-breaking rally has found fresh fuel, with prices surging to an all-time high of $14,533 per metric ton. The latest leg of the run, which has largely been driven by tariff-related trade flows, is adding to bullish bets that a lack of growth in mine supply could send prices even higher.

Those bets are gaining credibility as a string of disappointing production numbers points to a tightening supply picture. Data from the International Copper Study Group showed global mine output declined 1.1% in the first half of the year, with major producers Codelco and Freeport-McMoRan Inc. both reporting double-digit drops.

Morgan Stanley, which began the year expecting mine supply to expand, now sees production as little changed or slightly lower. That raises the prospect of the first annual decline in mine supply since 2017.

For Indian cable makers such as Polycab India, RR Kabel, KEI Industries, among others, the pressure is coming from another direction too. UltraTech’s Ultravolt entry into the sector and robust target to become the second biggest player therefore potentially comes as a double blow for listed incumbents.

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Will listed wire and cable players feel the heat?

The companies have started passing higher input costs through to customers. Polycab India during its Q4 earnings call said it has taken approximately 18% to 19% price hike cumulatively from January to March after a sharp rise in copper prices. RR Kabel has also announced increases, although it has so far kept the hikes on hold.


The recent price hikes reflect concerns over rising copper costs and the ability of companies to pass on higher input costs without affecting demand. RR Kabel has announced hikes of 2% to 3.5%, although its implementation is currently on hold, media reports stated.
Domestic brokerage JM Financial said it was raising three key questions on the Indian cables and wires industry and adopting a cautious approach. The first is whether C&W growth is peaking. After a strong growth rally, the brokerage said it is time to question the absence of volume growth and recognise that with elevated copper prices as the base starting late third quarter or Q4 FY27, revenue growth could look weaker over the next 12 months.The second question is whether the Street is underestimating new competition. UltraTech and Diamond Power by FY29E could cumulatively command more than 12% market share, a scale that may not be ignored, with Crompton and Bajaj adding to the competitive landscape.

“While market share losses for incumbents can be debated given that the industry comprises around 20% unorganised players, margin risk remains due to the likelihood of disrupted pricing discipline.”

The third question is whether valuations leave room for a dip in growth. JM Financial said looking at a longer time frame is crucial to appreciate changes in valuation across different phases. Today, C&W names are trading at a 4-5% premium to their 5-year average P/E multiple and around 25% above their long-term average P/E multiple.

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Japanese brokerage Nomura echoes the view, stating that any moderation in industry volume growth following a sharp increase in copper prices remains another headwind.

However, Motilal Oswal said that for Ultravolt, copper will be available near the plant, within a 100km range, and UTCEM will be able to manage working capital well. It will be able to operate this business with negative working capital, similar to its cement operations.

Wire stocks selloff triggered

UltraTech’s entry into the wires and cables business has already triggered a sharp selloff in listed players, wiping out about Rs 21,500 crore in market value in just two trading sessions.

Polycab India suffered the biggest rupee erosion, with Rs 8,766 crore wiped off its market capitalisation in two days. KEI Industries followed with a Rs 5,158 crore decline, while Havells India, RR Kabel, APAR Industries and Finolex Cables lost a combined Rs 7,501 crore.

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The selloff reflects growing investor concern that UltraTech’s Rs 1,800-crore Ultravolt investment could intensify competition, put pressure on margins and force established cable makers to spend more on distribution, advertising and electrician engagement.

“Competition in the Indian C&W space is clearly intensifying,” JM Financial said in a report, adding that the possibility of a “sector-wide derating” could not be ruled out.

Ultravolt entry

UltraTech has started commercial production at its Jhagadia facility in Gujarat earlier than initially expected and launched Ultravolt under the Aditya Birla Group. The company has begun with an installed capacity of about 1.1 million kilometres, focused on house wires and light duty cables. Its initial portfolio includes home wires, flexible and submersible cables, solar cables, communication cables and select power and industrial cables.

UltraTech plans to distribute these products across more than 500 districts and 6,000 pin codes, while targeting more than 100,000 retailers. It is also leveraging more than 5,000 UltraTech Building Solutions outlets and has onboarded over 1,600 electricians ahead of the launch.

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The company has said it aims to become one of the top two wires and cables players within five years. Its eventual capacity could rise to 3.5-4 million kilometres.

Nomura estimates that UltraTech could capture around 6%-7% of the organised wires and cables market by fiscal 2030, assuming strong industry demand and asset turnover of 5-6 times.

Copper outlook

Last week, benchmark LME prices were headed for a 10th consecutive weekly gain, the longest such stretch since 1994.

Citigroup Inc. analyst Tom Mulqueen forecasts copper at $15,000 a ton by year-end, with the potential to reach about $17,000 if manufacturing recovers or demand from the energy transition, data centers or strategic stockpiling proves stronger than expected, a Bloomberg report said. He plays down the threat from the vast US inventory buildup, arguing that even without tariffs, those stockpiles are likely to unwind gradually rather than flood back onto the global market.

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With demand set to outpace supply growth in the coming years, prices are likely to remain elevated, according to Anglo American Plc Chief Operating Officer Ruben Fernandes.

“Everyone is investing in copper, everyone likes copper,” he said in an interview last week. “Supply will come, but the question is how quickly.”

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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The Easy Home Buyer Builds a Homeowner First Culture Through Trust and Accountability

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The Easy Home Buyer Builds a Homeowner First Culture Through Trust and Accountability

The Easy Home Buyer has grown in a business where speed often gets the most attention. Cash offers, fast closings, and as-is sales are usually the visible parts of the company’s work. Chad Young has tried to build something less visible but more lasting: a culture that teaches its team to understand the homeowner first.

That distinction matters. Many sellers who contact a direct home buyer are not simply comparing numbers. They may be facing an inherited property, divorce, foreclosure, costly repairs, a tenant problem, or a family transition. Some need someone to explain whether a cash sale is even the right option.

Young’s view is direct. The Easy Home Buyer should be “advisors first and house buyers secondly.” That idea has shaped hiring, training, leadership development, vendor relationships, and the way the team communicates with sellers across the Spokane and Coeur d’Alene area.

A Business Built Around Listening

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The Easy Home Buyer began with Chad and Bree Young after years of operating Young’s Quality Cleaning. That earlier business taught them the satisfaction of improving neglected spaces and seeing a finished result. In 2020, they bought their first home to renovate and resell. The process gave them a new way to apply the same instinct: solve a practical problem, improve a property, and leave something better behind.

Company materials describe the first seller, Penny, as an important part of that origin story. She needed to move back to Seattle after a difficult season, and she wanted a simple way to leave her house behind. The transaction mattered, but the conversation mattered more. Chad listened, asked what would help, and came away with a deeper understanding of what the company could become.

The lesson was straightforward: sellers often need relief before they need a sales pitch. They need someone to ask the right questions, explain the tradeoffs, and respect the decision that follows. That lesson became one of the quiet building blocks of the company’s operating culture for its team as it grew locally.

Advisors First, Home Buyers Second

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Young does not believe every homeowner needs a cash offer. That principle is central to the company’s culture because it changes the starting point of every conversation.

Instead of leading with a purchase price, the team is trained to ask questions. What is the seller’s timeline? What condition is the home in? Is the homeowner trying to avoid repairs, settle an estate, resolve a title issue, or move quickly because of a life change? Could listing the home make more sense? Would another option produce a better outcome?

Young has said the company wants homeowners to have enough information to make a qualified decision. That includes explaining when an as-is cash sale may produce a similar net result to a traditional listing after repairs, commissions, closing costs, taxes, and other fees are considered. It also includes acknowledging when a direct sale is not the best path.

That approach places education before conversion. It also requires discipline. A company cannot claim to be homeowner-first if every conversation is treated as a transaction to be won. The Easy Home Buyer has built its reputation around the belief that the right recommendation may sometimes be the one that does not lead to a purchase.

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Hiring For Character Before Skill

For Young, culture starts before a person is hired. He believes skill sets can be trained, but character cannot be manufactured after the fact.

That belief affects the interview process. The company looks for emotional intelligence, steadiness, and the ability to communicate with people who may be under pressure. Experience in real estate can help, but it is not treated as the only measure of fit. In a business built around sensitive conversations, the wrong temperament can create problems no script can fix.

The Easy Home Buyer’s team often enters situations where people are overwhelmed, frustrated, embarrassed, or unsure whom to trust. A seller may be dealing with deferred maintenance. Another may be sorting through a family estate. Another may be managing foreclosure or divorce. The employee sitting at the kitchen table has to know more than numbers.

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That is why Young places such weight on character. A person can learn how to estimate repairs, review comparable sales, or explain a closing timeline. It is harder to teach patience, tact, and judgment to know when a seller needs space to talk before decisions are made.

Training People For Hard Conversations

The Easy Home Buyer also supports its team through leadership coaching. Young has brought in coaches to speak with staff about emotional intelligence, difficult conversations, empathy, and tact. The goal is not to make employees sound polished. It is to help them communicate in the way each homeowner needs to be addressed.

This matters because direct home buying can involve high-stakes conversations. The seller is often making a decision tied to memory, family, money, and pressure. A rushed answer can make the process feel impersonal. A vague answer can create mistrust. A defensive response can turn a difficult moment into a worse one.

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Leadership coaching gives the team a shared language for those moments. It reinforces company values and gives managers a way to develop people beyond technical ability. Over time, that training helps create a more consistent customer experience.

Technology That Protects The Human Element

Young sees technology as useful, but not as a substitute for human contact. The Easy Home Buyer uses AI and other tools to improve response times, prepare documents, check for errors, and keep internal processes moving. In that sense, technology helps the company become more organized and responsive.

Yet Young’s view is that technology should create more room for people, not less. If software reduces administrative work, team members can spend more time understanding a seller’s needs. If documents are reviewed faster and more accurately, the team can focus on the conversation rather than the paperwork.

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The company’s business still depends on the face-to-face element. Young has described sitting across from homeowners at their dinner table as part of the foundation of the company. Technology can support the process, but it cannot replace trust built in person.

Accountability As A Service Standard

When asked what makes a successful real estate investment company from the homeowner’s perspective, Young gave a simple answer: do what you say you are going to do when you say you are going to do it.

The Easy Home Buyer’s core value of “Full Ownership” connects with that idea. Accountability is not only about fixing mistakes after they happen. It is about taking responsibility for the process from the beginning. It means being clear about what the company can do, what it cannot do, and what the homeowner should expect next.

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The company’s other values support the same direction. “You Matter More” keeps the seller at the center. “Everyone Wins” pushes the team toward fair outcomes. “Continual Improvement” creates room to listen and adjust. “Be a Blessing” reflects the company’s intent to leave a positive mark on each interaction.

Problem Solving Beyond The Cash Offer

Young describes problem solving as the definition of what the company does each day. Few properties come with identical circumstances. Some homes need major repairs. Others involve squatters, messy title issues, difficult timelines, or family members who complicate the sale.

After hundreds of local transactions, The Easy Home Buyer has learned that solving the homeowner’s problem may require more than buying the house. One recent example involved a seller whose relative was living in the property and would not leave. The team helped move the relative into another company-owned home on a short-term lease, provided moving assistance, and connected him with a property management company to help find a longer-term rental.

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Local Relationships With A Purpose

The Easy Home Buyer’s relationships with attorneys, contractors, title companies, and other local professionals also serve homeowners. Young has said the company’s volume and vendor relationships can help it close faster and keep renovation budgets lower. Those savings can affect the strength of the offer and the certainty of the process.

Local experience matters, too. The company presents itself as family owned and locally operated, with roots in the Coeur d’Alene and Spokane area. That local identity shapes how Young talks about the work. These are not distant markets on a spreadsheet. They are neighborhoods where team members live, raise families, and plan to stay.

A Culture Built To Serve Homeowners

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The Easy Home Buyer’s growth has not moved it away from its original mission. Chad Young has built a company that hires for character, trains for empathy, uses technology with restraint, and measures service through accountability. The model still involves buying and renovating houses, but the larger culture is built around helping homeowners make informed choices. That is the point Young continues to reinforce: the company can grow, handle more complex projects, and serve more people without losing the human standard that made the work matter in the first place.

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NSE IPO likely to open on September 18, list on September 25: Sources

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NSE IPO likely to open on September 18, list on September 25: Sources
The nearly Rs 30,000-crore initial public offering (IPO) of the National Stock Exchange is likely to open for public subscription on September 18, and list on September 25, sources said on Tuesday.

The price band for the IPO is expected to be announced on September 15, followed by the anchor book on September 17, they said.

The public issue is likely to remain open on September 18, September 21 and September 22.

There is no official announcement on this issue calendar by the bourse.

The issue, which could raise around Rs 30,000 crore, is set to surpass Hyundai Motor India‘s Rs 27,870-crore offering in 2024 to become India’s largest IPO, the sources said.
The IPO will comprise an offer for sale (OFS) of up to 148.9 million equity shares of face value Rs 1 each, representing nearly 6 per cent of NSE’s paid-up equity capital.
There will be no fresh issue of shares, meaning the exchange itself will not receive any proceeds from the offering, they said.
The proposed timeline has so been fixed to ensure that NSE shares debut before the 16-day lunar period ‘Pitru Paksha’ begins on September 26, they said.

The IPO has been in the works for nearly a decade and received crucial regulatory clearance from Sebi earlier this month, paving the way for the exchange’s long-awaited market debut, the sources said.

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NSE is India’s largest stock exchange by trading activity and operates the benchmark Nifty 50 index. It is also the world’s most active derivatives exchange in terms of the number of contracts traded.

According to reports, Bank of Baroda is likely to divest 35% of its holding in NSE or 76,90,375 shares via the IPO.

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Cencora, Inc. (COR) Presents at Wells Fargo 21st Annual Healthcare Conference Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript