Shares of Havells India Ltd were trading marginally higher on 4 September after the company announced that it had started commercial production at its new facility. 

In its regulatory filing, the company said, “The company has started commercial production of Cable at a new facility at Vasanthnarasapura Industrial Area, Tumakuru in the state of Karnataka on 3 September 2024.”

To meet the anticipated demand for cables, the company has decided to expand its cable manufacturing capacity at the Tumakuru facility. The production will increase from the current 348,000 km per annum to 462,600 km per annum. This expansion will involve an additional investment of approximately Rs 450 crore, funded through internal accruals, as stated by the company.

The production through the expansion at Tumakuru is set to commence by September 2026.

In its quarterly earnings for April-June, the company reported a 43% year-on-year increase in net profit to Rs 411 crore and a 20% YoY increase in revenue at Rs 5,798 crore for the quarter. 

However, at 12:12 pm, the shares of Havells India lost all their early gains and were trading 0.13% lower at Rs 1,899.25 on NSE.

Unlock profitable opportunities every day! Unicorn Signals provides actionable intraday trading signals for stocks and futures. Don’t miss out – download Unicorn Signals and start winning now!