Havells launches consumer durable brand Lloyd in Middle East market; stock rises 1%
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Havells India Ltd has expanded its global footprint by launching Lloyd, its consumer durable brand, in the Middle East market.
Shares of Havells India rose nearly 1 percent in trade on November 29 post the launch of consumer durable brand Lloyd in the Middle East market. At 11:17 am, the Havells India stock was trading at Rs 1294.24 on the NSE.
Havells India Ltd has expanded its global footprint by launching Lloyd, its consumer durable brand, in the Middle East market. Lloyd has partnered with ‘TeknoDome’ for distribution in the Middle East region. It has outlined a distribution plan focusing on making the electronic devices available through the country in a phased manner, according to an exchange filing on November 28.
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The brand’s focus in the Middle East would be on a range of technologically advanced and energy-efficient products. The company is entering the market with a premium range of air conditioners, front-load and semi-automatic washing machines, frost-free and side-by-side refrigerators, and an LED TV range.
Havells India stock call: Check brokerage views, target price
UBS has recommended a ‘buy’ on the company stock with the target price set at Rs 1,900 per share in a recently released report.
“Improvement in consistent supply of electricity in tier-two and tier-three towns is creating growth opportunities. We expect the company to continue its focus on in-house manufacturing as this improves internal efficiency and ensures product quality,” the brokerage said.
Further, Lloyd plans to begin campaigning in the UAE region in December and has roped in actors Tamannaah Bhatia and Mohanlal as brand ambassadors for the Middle East region.
“At Havells, our unwavering commitment persists in expanding our international presence, and we take pride in Making in India for the world,” Anil Rai Gupta, chairperson and managing director of Havells India, said. “We are thrilled to introduce Lloyd to the discerning consumers of the Middle East.”
Havells India stock performance
Havells India stock has given a return of 1.23 percent over the last six months. The benchmark Nifty50 index has given a return of 6.94 percent over the same duration.
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