Havells India extends fall as management revises guidance

The stock slipped 7% to Rs 289, extending its previous day's 7% decline on NSE.

Havells India has slipped 7% to Rs 289, extending its previous day’s 7% decline on NSE, after the company’s management has cut its FY15 guidance. The stock has fallen nearly 17% from its record high of Rs 347 touched yesterday.

The management now expects 13-14% growth in standalone revenues versus its earlier guidance of 17-18%. The management hinted at a likely increase in pension liability by EUR2-3m and pressure on Sylvania's margins, due to currency volatility in the Latin American region, said Dhirendra Tiwari and Deepak Narnolia, analysts at Antique Stock Broking.

Analysts have downgraded the stock to ‘Sell’ with a revised target price Rs 228 per share. At 1018 hours, a combined 4.46 million shares changed hands on the counter against an average sub 3 million shares that were traded daily in past two weeks on NSE and BSE.