Havells India has support around Rs 585-580: Harchekar

Havells India is expected to fall further. It has a support around Rs 585-580, says Amit Harchekar of IIFL.

Harchekar told CNBC-TV18, "In Havells India Rs 620 was a very good strong support, since that has been breached with good volumes I am expecting a further downside towards Rs 575-580 that could be turning out to be a long term support. So, if it feels to hold at then probably one can expect further fall but as of now I believe this fall is on and probably the stock might find support around 585-580 levels." The company's trailing 12-month (TTM) EPS was at Rs 22.09 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 26.83. The latest book value of the company is Rs 128.90 per share. At current value, the price-to-book value of the company was 4.6. The dividend yield of the company was 1.1%.