>HAVELLS INDIA LIMITED (FIRST CALL)

■ We initiated the coverage of Havells India Ltd and set a target price of Rs.612.00.

■ Havells India Limited engages in the manufacture and sale of electrical and power distribution equipment in India and internationally.

■ The company expects to achieve Rs 500crore from exports of switchgears within a time frame of three years. The company has commenced its new automated manufacturing unit in Baddi Himachal Pradesh.

■ The company is aiming to attain a turnover of Rs 300core from Kerala this fiscal.

■ The company has bagged a $200 million export order from the West European countries for the supply of motors and compact fluorescent lamps (CFLs) for a period of five years.

■ CARE assigns `AA` & `PR1+` rating to Havells India.

■ The company’s Net sales and PAT is expected to grow at a CAGR of 10% and 18% over FY08 to FY11E.

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