Havells India rose 1.14% to Rs 791 at 12:00 IST on BSE, extending recent gains triggered by a foreign brokerage initiating coverage on the stock with an 'overweight' rating.
On BSE, 34,000 shares were traded in the counter as against an average daily volume of 1.07 lakh shares in the past one quarter.
The stock hit a high of Rs 801.50 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 784 so far during the day. The stock had hit a 52-week low of Rs 528.10 on 28 August 2012.
The stock had outperformed the market over the past one month till 9 July 2013, rising 8.21% compared with the Sensex's 0.05% rise. The scrip had also outperformed the market in past one quarter, rising 26.50% as against Sensex's 6.66% rise.
The mid-cap company has an equity capital of Rs 62.41 crore. Face value per share is Rs 5.
A foreign brokerage on Monday, 8 July 2013, initiated coverage on Havells Indiastock with an 'overweight' rating, citing the company's leading dealer franchise, strong brand, and diversified product line-up.
Shares of Havells India jumped 5.04% to Rs 748.80 on Monday, 8 June 2013. The stock has risen 10.96% in three sessions from Rs 712.85 on 5 July 2013.
The broker set a price target of Rs 878 on the stock and added that it deserves to trade at a premium to its historical valuations given consistently high domestic earnings and return ratios.
Havells India's net profit rose 19.84% to Rs 109.68 crore on 11.6% growth on net sales to Rs 1161.57 crore in Q4 March 2013 over Q4 March 2012.
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.
No comments:
Post a Comment