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BUZZ-India's Havells, Lloyd Electric fall; Havells to buy Lloyd's unit
February 20, 2017 / 4:05 AM / 7 months ago

BUZZ-India's Havells, Lloyd Electric fall; Havells to buy Lloyd's unit

** Lloyd Electric and Engineering shares fall as much as 15.1 pct to 278.00 rupees, posting their biggest intraday pct drop since Nov. 9

** Havells India Ltd shares fall as much as 2.6 pct to 415.10 rupees

** Havells to buy unit of Lloyd that sells air conditioners and televisions in a 15.5 billion-rupee deal ($231.14 million), companies said on Sunday

** Havells plans to fund deal through mix of debt and internal accruals; Lloyd to use proceeds to reduce debt

** It will be more challenging for Havells to execute strongly in air conditioner market, compared to existing business - Kotak Securities analysts

** Havells’ current business and competitive intensity in consumer durable business and margin dilution will be near-term challenges, Morgan Stanley analysts write ($1 = 67.0600 Indian rupees)

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