Havells India declines for third day

Havells India slipped 0.83% to Rs 1003, extending losses for third day.

The stock has declined by 2.37% in three sessions, from its recent closing high of Rs 1,027.40 recorded on 27 April 2021.

In the past one month, the stock has fallen by 4.38% while the benchmark Sensex has declined by 1.80% during the same period.

On the technical front, the stock's RSI (relative strength index) stood at 41.339. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading below its 50-day and 100-day daily simple moving average (SMA) placed at 1075 and 1028.56, respectively. However, the scrip was still trading above its 200-day SMA placed at 856.98.

Anil Rai Gupta, chairman of Havells that also runs the Lloyd's brand, was quoted by the media saying that the company is reducing production across factories. "Markets are closing down and demand is less. We have seen demand go down by 20-30%. So, we are cutting down production, Gupta reportedly said.

Havells India is a leading fast-moving electrical goods company with presence across India. Its product range includes industrial & domestic circuit protection switchgear, cables & wires, motors, fans and power capacitors.

The company's consolidated net profit jumped 74.5% to Rs 350.14 crore on 39.7% surge in net sales to Rs 3,175.20 crore in Q3 December 2020 over Q3 December 2019.

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