Havells India climbs 3% after CARE reaffirms ratings

Havells India

Shares of Havells India climbed over 3 percent intraday on October 15 after the company said rating agency CARE has reaffirmed the ratings assigned to its bank facilities.

CARE has reaffirmed “CARE AAA” on Havells’ long-term bank facilities and “CARE A1+” on the short-term bank facilities, the company said in a regulatory filing.

The electrical equipment manufacturing firm has said it will release its September quarter earnings on October 23.

Brokerage ICICI Direct expects Havells to report a net profit at Rs 190.7 crore, up 6.8 percent year-on-year (YoY) and up 9.6 percent quarter-on-quarter (QoQ).

Net sales are expected to increase by 8.2 percent YoY – down 12.6 percent QoQ – to Rs 2,371.6 crore, according to ICICI Direct.

Shares of Havells India traded 2.83 percent up at Rs 671.50 on BSE around 1210 hours.

news Source:- moneycontrol

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