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.
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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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