Lloyd Electric is "on!"

There is unconfirmed news that Havells India is at advanced stages of negotiations with Lloyd Electric & Engineering to buy out its consumer durables unit. The price for getting this unit is rumored around Rs,1200 to Rs.1500 crore.

This consumer durable vertical contributes around 50% to Lloyds topline and over 40% to its bottomline and since July’16, the company has been trying to find a buyer for its business, in a bid to enhance shareholder value.

The stock exchange has asked the company for clarification on this news after the stock price hit a new high today at Rs.304.40.