Havells rises on brand rights transfer
Reuters Market Eye - Shares in Havells India Ltd (HVEL.NS) gain 4.3 percent as analysts lauded the transfer of the brand name 'Havells' from one of its promoters to the company at no cost.
Havells shares on the BSE exchange (HVEL.BO) rose 4.15 percent after earlier hitting a record high of 683.90 rupees.
Havells India said on Monday its promoter QRG Enterprises would transfer its ownership of the trademark Havells, effective from April 2016.
Citigroup says the transfer would save Havells royalty payments of up to 400 million rupees a year that the company could use to pay out dividends.
Citi adds the move also is "a major positive" in terms of corporate governance as it benefits minority shareholders.
Havells shares gained 1.94 percent over the previous two sessions on the Sensex.
(Reporting by Manoj Dharra)
- Tweet this
- Share this
- Digg this
- Scots independence polls close, UK's future in the balance
- UPDATE 4-JetBlue flight makes emergency landing at California airport, 4 hurt
- UPDATE 1-Microsoft lays off 2,100, axes Silicon Valley research
- How Islamic State uses Syria's oil to fuel its advances
- UPDATE 1-International country music singer George Hamilton IV dies at 77
China is not a warlike nation, President Xi Jinping said on Thursday, during a rare trip to neighbour India that was dominated by a standoff on a barren Himalayan plateau between soldiers from the world's two most populous nations. Full Article | Slideshow
Obama to nominate Indian-American Richard Verma as India ambassador - congressional source. Full Article