Havells India gains after foreign brokerage initiates coverage

Havells India rose 2.56% to Rs 266.40 at 15:14 IST on BSE after a foreign brokerage initiated coverage on the stock with an outperform rating.

Meanwhile, the S&P BSE Sensex was down 296.46 points or 1.12% at 26,271.53.

On BSE, so far 2.76 lakh shares were traded in the counter as against average daily volume of 1.86 lakh shares in the past two weeks.

The stock hit a high of Rs 271.55 and a low of Rs 260 so far during the day.

According to the brokerage, Havells India has the strongest pan-India pan-product distribution in domestic electrical products, the goodwill of its dealers being a key intangible asset. The brokerage expects 17% India revenue compounded annual growth rate (CAGR) for Havells over FY14-17.

Havells India's net profit rose 13.32% to Rs 107.27 crore on 22.18% increase in total income to Rs 1288.41 crore in Q1 June 2014 over Q1 June 2013.

Havells India is one of the largest electrical and power distribution equipment manufacturer, with products ranging from industrial and domestic circuit protection switchgear, cables & wires, motors, fans, power capacitors, CFL lamps, luminaires for domestic, commercial and industrial applications, modular switches, water heaters and domestic appliances covering the entire gamut of household, commercial and industrial electrical needs.

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