Havells gains 1% on agreement with Hyundai Electric

Share price of Havells India rose 1.5 percent in the early trade on Thursday as the company signed an agreement with South Korean firm.

The company signed an agreement with South Korean major Hyundai Electric & Energy Systems Co. for manufacturing of magnetic contactor.

Under the agreement, Hyundai Electric will provide technology know-how and grant a license to manufacture and market magnetic contactors under Havells brand.

Ameet Gupta, Whole Time Director, Havells India said, “This strategic alliance is in sync with the government Make in India initiative as it will not only fortify Havells position as a strong manufacturing base for global procurement but will also reinforce the company’s commitment to manufacture quality acclaimed products.”

The share gained 23 percent in last 1 year.

At 09:16 hrs Havells India was quoting at Rs 524.40, up Rs 7.60, or 1.47 percent on the BSE.

Posted by Rakesh Patil