MARKET EYE-India's Havells rises on brand rights transfer

Wed Jan 9, 2013 1:19pm IST

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* Shares in Havells India Ltd 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 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 ($7.26 million) 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 BSE index.    
($1 = 55.0700 Indian rupees)
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