India's white goods stocks rise on ICICI Securities' growth view

Syrma SGS Technology

28/02/2023 06:16

** Shares of Havells India Ltd  HVEL.NS  and Crompton
Greaves Consumer Electricals Ltd  CROP.NS  rise as much as 2.45%
and 2.21%, respectively
    ** Uptick comes after ICICI Securities identifies cos as its
top picks in white goods and durables sector
    ** While copper prices have risen, other raw materials like
aluminium, steel are in deflation zone, brokerage says, expects
white goods firms to pass on benefits of correction in input
prices
    ** See strong scope for core profit margin expansion in
March qtr due to correction in raw material costs and pickup in
sales
    ** Expect increase in discounts in white goods due to steep
competitive pressure: ICICI Securities
    ** White goods firms to log gains due to rising ad-spend,
launch of differentiated products, news offers to improve market
share: ICICI Securities
    ** Brokerage maintains "buy" on Havells India, Crompton
Greaves, 3M India  TMIN.NS , Syrma SGS  SYRM.NS , TTK Prestige
 TTKL.NS  and Whirlpool  WHIR.NS  in the space 
    ** 3M India rose over 2% while Whirpool gained nearly 1%,
Syrma SGS and TTK Prestige fell 0.4% each
    


 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; Mobile:
+919769003463))