Havells India has target of Rs 466: Jigar Shah

Havells India has target of Rs 466, says Jigar Shah of Kimeng Securities.

Shah told CNBC-TV18, "We liked the improvement in the margin for the Q2. We had estimated Rs 5.7 of EPS against that, it turned out to be Rs 6.7 and this is despite the fact that there was a foreign exchange loss of Rs 300 million in the Q2. So clearly I think the sales and margin both are ahead of our expectation and we have set a target price of Rs 466 based on a PE of 16 times for FY12 and the company has achieved 46% of our full year EPS target of Rs 29."
The company touched its 52-week high Rs 451.25 and 52-week low Rs 290.10 on 15 Jun, 2011 and 11 Feb, 2011, respectively. Currently, it is trading -15.75% below its 52-week high and 31.06% above its 52-week low. Market capitalisation stands at Rs 4,743.94 crore.