 "Havells lights up 3% on deciding to set up refrigerator manufacturing plant")
Havells India shares gained up to 2.8 per cent on Tuesday (November 19) and clocked an intraday high of Rs 1664.1 per share. Havells share price advanced after the company finalised setting up the facility for manufacturing refrigerators in Ghiloth, Rajasthan.
Around 11:38 AM, Havells shares were up 2.47 per cent at Rs 1657.6 per share on BSE. In comparison, the BSE Sensex was up 1.33 per cent at 78,370.08. The market capitalisation of the company stood at Rs 1,03,921.86 crore. The 52-week high of the stock was at Rs 2,104.95 per share on BSE and the 52-week low of the company stood at Rs 1,273.4 per share.
"The company has now decided to set up the facility for manufacturing refrigerators in Ghiloth, Rajasthan," the filing read.
The company will add 14,00,000 units to its existing manufacturing plant by Q2FY27. The investment requirement for capacity additions will be around Rs 480 crore.
Until now, the company was outsourcing refrigerators. In an intimation dated August 14, 2023, Havells had informed that it was exploring the possibility of setting up a new facility to manufacture refrigerators in Ghiloth in the State of Rajasthan.
The proposed capacity addition was 10,00,000 units within Q1FY26 with an investment of approximately Rs 350 crore which has been revised upward now.
In the September quarter, the consumer electrical goods maker reported an increase of 7.5 per cent in its consolidated net profit to Rs 267.77 crore as compared to Rs 249.08 crore a year ago.
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Its revenue from operations rose 16.38 per cent to Rs 4,539.31 crore as compared to Rs 3,900.33 crore a year ago.
The company had a "decent overall growth across segments driven by improvements in consumer demand trends," Havells India said in a post-result investor presentation.
Moreover, a shift in the festive season led to the advancement of advertising & promotion spending of Havells in the September quarter, it added.
Havells India's total expenses grew 18 per cent to Rs 4,268.94 crore in the September quarter.
In the past one year, Havells India shares have gained 26.3 per cent against Sensex's rise of 17.5 per cent.