Havells rises on brand rights transfer

Wed Jan 9, 2013 2:34pm IST

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Kerry in India

REUTERS SHOWCASE

Deadly Landslide

Deadly Landslide

Landslide near Pune kills 10, scores feared trapped.  Full Article 

Fed Policy

Fed Policy

Fed presses forward with bond buying, cites uptick in inflation.  Full Article 

Big Infra Deal

Big Infra Deal

Piramal, Dutch APG tie up for $1 bln infra investment  Full Article 

E-Commerce

E-Commerce

Amazon says to invest $2 billion more in India   Full Article 

Lupin Results

Lupin Results

Q1 net profit up 56 percent on higher U.S. drug sales   Full Article 

Smuggling Gold

Smuggling Gold

Air India staff found smuggling gold  Full Article 

Economy Reboots

Economy Reboots

U.S. economy back on track with strong second-quarter rebound .  Full Article 

Auto Sector

Auto Sector

VW closes in on Toyota as global auto leader  Full Article 

Expanding Reach

Expanding Reach

Tata to invest $35 bln over 3 years, focus on new businesses   Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage