Havells signs MoU with Hyundai Electric for magnetic contactors

Electric equipment major Havells India signed an agreement with South Korea-headquartered Hyundai Electric & Energy Systems to manufacture magnetic contactors on Wednesday, following which the share price of Havells India surged by over 2 per cent in Thursday’s trade session.

According to the agreement, Hyundai Electric will provide its technological prowess and license to manufacture and market magnetic contactors under Havells brand. Post the development, the share price of Havells India surged to its intraday high of Rs. 528 per share and an intraday low of Rs. 520.50 per share on BSE, respectively.

The company had posted a hike of 27 per cent in its net profit to Rs. 194 crore in the third quarter of the fiscal year 2018 on a yearly basis. The stock had touched its 52-week high of Rs. 592.70 per share on January 29, 2018 and its 52-week low of Rs. 421.70 per share on March 15, 2017 on BSE.

At 11:44 hours IST, the stock was trading at Rs. 525.85 per share, higher by 1.75 per cent on BSE, respectively. Meanwhile, S&P BSE Sensex was trading at 33,765.60 level, lower by 0.21 per cent and NSE Nifty50 was trading at 10,388 level, lower by 0.22 per cent, respectively.