Havells India is trading higher by 3% to Rs 653 after electric equipment and product maker said that it has entered into a revised trademark license agreement with one of its promoter companies - QRG Enterprises, which owns the brand name/ trade mark ‘Havells’.
“QRG Enterprises Ltd, one of the company’s promoter, which also owns the brand name/trade mark ‘Havells’, has entered into a revised trademark license agreement with the company pursuant to which the brand will be transferred to the company for no consideration with effect from April 01, 2016,” Havells India said in a statement.
The existing trademark license agreement between the companies is expiring in financial year 2015-16, it added.
Havells India Limited is a $1.3 billion leading fast moving electrical goods (FMEG) company and a major power distribution equipment manufacturer with a strong global footprint. It has 10 manufacturing facilities in India in various states, including Himachal Pradesh, Uttar Pradesh and Rajasthan.
The stock opened at Rs 639 and touched high of Rs 657 on the NSE. A combined 59,488 shares have changed hands on the counter so far on both the exchanges.
