Electrical and power distribution equipment company, Havells India recorded a strong rise in the value of its shares after the investors expressed appreciation at the transfer of the brand name from one of its promoters to the company for free.

The shares of the company were also boosted after foreign research firm Citi recommended a buy on the stock and set a range target price of Rs 734. The research firm noted that the promoters have decided to let go of the 1 percent of sales after the brand licensing agreement for Havells concludes and thus the company will be able to pay higher dividends.

The shares of Havells India touched a record high of Rs 683.90 on Wednesday and were trading 4.88 percent higher at Rs 680.75 at the Bombay Stock Exchange (BSE). The total trading volume for shares touched 1,19,836 units compared to five day average of 17,135 shares. The shares have risen 10 percent in the previous one month and by about 64 percent in one year.

Havells India is a leading electrical and power distribution equipment manufacturer and offers products ranging from industrial and domestic Circuit Protection Switchgear, Cables & Wires, Motors, Fans, Power Capacitors, CFL Lamps, Luminaries, Modular Switches, Water Heaters and Domestic Appliances.