Meanwhile, the S&P BSE Sensex was down 172.96 points, or 0.89%, to 19,322.86.
On BSE, 33,000 shares were traded in the counter as against an average daily volume of 1.05 lakh shares in the past one quarter.
The stock hit a high of Rs 746.95 and a low of Rs 700.10 so far during the day. The stock had hit a 52-week high of Rs 765.20 on 19 June 2013. The stock had hit a 52-week low of Rs 528.10 on 28 August 2012.
The stock had underperformed the market over the past one month till 5 July 2013, sliding 1.83% compared with the Sensex's 0.37% fall. The scrip had, however, outperformed the market in past one quarter, rising 18.53% as against Sensex's 5.67% rise.
The mid-cap company has an equity capital of Rs 62.41 crore. Face value per share is Rs 5.
The broker set a price target of Rs 878 on the Havells India stock and added that it deserves to trade at a premium to its historical valuations given consistently high domestic earnings and return ratios.
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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.
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