Havells share price correction makes risk-reward attractive, Citi says with 'buy' rating
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- ✓Havells India shares gained 2% on Thursday, October 1, after Citi kept a buy rating on the stock.
- ✓Citi said the recent price correction makes the risk-reward attractive for investors.
- ✓The firm expects strong growth in the wires and cables business to help improve margins and overall profit in the future.
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- India Economy
Citi believes Havells India's profit growth could continue to outpace revenue growth in the medium term as well and margins should also benefit from operating leverage in Electric Consumer Division and cables and wires bundled with moderation in losses for Lloyd, Citi aid.
Shares of Havells India Ltd. gained as much as 2% on Thursday, October 1 after brokerage firm Citi reiterated its positive stance on the stock, and also opened a 30-day positive catalyst watch on the wires and cables manufacturer.
Citi maintained its "buy" rating on Havells India with a price target of ₹1,525 per share, indicating an upside of 50% from its previous close.
Following the recent correction in Havells' stock price, the risk reward has turned favourable for investors, according to the Citi note. The stock had declined 18% in September, marking its worst month since October 2024.
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