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Havells India gains on plan to hike stake in Bangalore-based Promptec

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Capital Market

Havells India rose 0.70% to Rs 360.90 at 10:12 IST on BSE after the company said that it will increase its stake in Bangalore-based Promptec Renewable Energy Solutions to 70% for an undisclosed sum.

The announcement was made after market hours yesterday, 13 June 2016.

Meanwhile, the BSE Sensex was down 4.99 points, or 0.02%, to 26,391.78.

On BSE, so far 34,000 shares were traded in the counter, compared with an average volume of 95.18 lakh shares in the past one quarter. The stock hit a high of Rs 365.05 and a low of Rs 360 so far during the day. The stock hit a record high of Rs 378 on 26 May 2016. The stock hit a 52-week low of Rs 235.60 on 9 November 2015. The stock had underperformed the market over the past one month till 13 June 2016, falling 0.40% compared with 3.56% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 22.22% as against Sensex's 7.52% rise.

 

The large-cap company has an equity capital of Rs 62.46 crore. Face value per share is Re 1.

Havells India currently holds 51% stake in the Bangalore-based entity. Promptec Renewable Energy is engaged in marketing and manufacturing of LED products including street lighting, office lighting and solar lighting.

Net profit of Havells India rose 200.77% to Rs 366.49 crore on 9.23% rise in net sales to Rs 1463.36 crore in Q4 March 2016 over Q4 March 2015.

Havells India is a fast moving electrical goods (FMEG) manufacturer, producing a wide range of industrial and consumer electrical products.

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First Published: Jun 14 2016 | 10:08 AM IST

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