Havells India gains after domestic brokerage upgrade

Havells India rose 2.78% to Rs 277.65 at 15:20 IST on BSE on reports that a prominent domestic brokerage upgraded the stock to buy from neutral.

Meanwhile, the S&P BSE Sensex was up 292.55 points or 1.09% at 27,125.21.

On BSE, so far 86,000 shares were traded in the counter as against average daily volume of 1.43 lakh shares in the past one quarter.

The stock hit a high of Rs 280.65 and a low of Rs 272.70 so far during the day. The stock had hit a record high of Rs 346.15 on 10 December 2014. The stock had hit a 52-week low of Rs 217.91 on 20 June 2014.

The stock had outperformed the market over the past one month till 17 June 2015, sliding 0.2% compared with Sensex's 1.8% fall. The scrip had, however, underperformed the market in past one quarter, declining 9.5% as against Sensex's 6.62% fall.

The large-cap company has equity capital of Rs 62.46 crore. Face value per share is Re 1.

The brokerage reportedly said that Havells India has taken steps to leverage its brand, products, infrastructure and distribution over past 12 months. It also added that the commencement of trade factoring in Sylvania unit reduces cash conversion cycle.

Havells India's net profit dropped 11% to Rs 121.85 crore on 3% growth in net sales to Rs 1339.69 crore in Q4 March 2015 over Q4 March 2014.

Havells India is a leading fast moving electrical goods (FMEG) company with a strong global footprint.

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