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Shares of Havells India dropped over 5 per cent on Tuesday on less-than-expected quarterly numbers.
The company shares opened the session down at Rs 539 against the previous close of Rs 531.65. It then touched an intraday high of Rs 539 and a low of Rs 512.05.
At 11.30 a.m., the consumer electrical goods maker shares were trading lower by 5.43 per cent at Rs 512.25 on the BSE and down by 5.46 per cent at Rs 511.90 on the NSE. In terms of volume, 1.45 lakh shares were traded on the BSE in the morning trade.
The company's standalone net profit grew by 17 per cent to ₹171.02 crore for the quarter ended September 30, 2017. It had posted a standalone net profit of ₹145.79 crore in the corresponding quarter of the previous fiscal.
Net sales during the quarter stood at ₹1,777.36 crore against ₹ 1,559.33 crore in the year-ago period, the company had said in a BSE filing.
Stock recommendation
Consider long strangle on Havells India. The long-term outlook remains positive for Havells India (₹547) , as long as it rules above ₹440. The stock finds immediate support at ₹510 and a close below this level can weaken it to ₹472. On the other hand, if the stock sustains the current bullish trend, it can reach ₹610.
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