Havells India share rose over 7% today after the firm reported nearly a four-fold jump in its consolidated net profit for the first quarter ended June 2021.
Havells India stock opened with a gain of 4.22% at Rs 1,150 on BSE. The stock has gained 13.04% in the last 5 days.
The share touched an intraday high of Rs 1184 , rising 7.3% against previous close of Rs 1,103.40 on BSE.
Havells India stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock has gained 97.36% in one year and risen 26.1% since the beginning of this year.
Market cap of the electrical goods maker rose to Rs 72,212 crore on BSE.
Total 5.92 lakh shares changed hands amounting to turnover of Rs 68.69 crore on BSE.
The stock hit 52-week high of Rs 1,237.80 on February 17, 2021 and 52-week low of Rs 568.40 on July 29, 2020.
Net profit in Q1 rose to Rs 235.78 crore against net profit of Rs 63.98 crore in the April-June quarter a year ago.
Revenue from operations climbed 75.95 per cent to Rs 2,609.97 crore in Q1 against Rs 1,483.40 crore in the corresponding period of last fiscal.
Havells India Chairman and Managing Director Anil Rai Gupta said, "Despite a truncated quarter, overall performance has been encouraging across segments. The demand has been resilient, and we expect further improvement as Covid restrictions are progressively lifted."
However, total expenses rose 62.86 per cent to Rs 2,327.20 crore in Q1/FY2021-22 against Rs 1,428.93 crore a year ago.
Global research firm HSBC has assigned a buy call on the stock with target raised to Rs 1,215 per share. The company delivered strong results in Q1 with revenue and profit above consensus expectation, HSBC said , adding that demand recovery continues to surprise positively. It sees gross margin pressure due to rising commodity costs as transient headwind.
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