Havells shares hit 52-week high after Morgan Stanley upgrade

MUMBAI: Havells India shares are up for the second consecutive session after Morgan Stanley initiated coverage with 'overweight' rating.

The brokerage believes that the stock offers three positives - dealer franchise, brand strength and demand growth. It is of the view that Havells deserves a premium to its historical P/E on consistently high domestic CAGR and ROE.

At 10:10 a.m.; the stock was at Rs 790.10, up 5.52 per cent, on the BSE. It touched a 52-week high of Rs 793.80 and a low of Rs 750 in trade today.

Morgan Stanley has set the price target at Rs 878.

The stock had fallen sharply from June 19 to June 26 but has managed to recover most of the recent losses.

The mid-cap company's trailing 12-month EPS is at Rs 29.76 per share and is available at P/E ratio of 26.19.

The company is an electrical and power distribution equipment manufacturer. Its products range includes circuit protection switchgear, cables & wires, motors, fans, power capacitors, CFL lamps etc.