Buy Havells India Target 280 Fairwealth Securities

Havells India is a leading Indian consumer electrical equipment manufacturer that also owns Sylvania, a global lighting brand. The report initiates coverage of Havells with a "buy" rating and a target price that represents a 143% increase from current levels. It expects Havells' wide product portfolio and distribution network to drive growth despite a challenging economic environment. Sylvania has experienced falling revenues and margins due to exchange rate fluctuations and lower sales. However, the report argues that Havells' strong brand, margins, and low debt position will allow it to weather the difficult market conditions.