Overweight on Havells India with a target at Rs 390: Morgan Stanley

Morgan Stanley maintains overweight rating on Havells India post March quarter results and has also raised its 12-month target price to Rs 390 from Rs 341 earlier.

The global investment bank believes that the strategy of increasing dealer reach and branding is a winning one and would help the bank grow. The key positives are improving climate-led revenue, margin focus, and robust balance sheet.

Higher focus on domestic business with sale of Sylvania can help rerating, said the global investment bank. It sees gradual pickup in domestic growth, helped by improving macro climate.