Havells India shares are in focus today, here's what exactly is the matter
Havells India share price NSE: Shares of Havells India edged lower on Monday as many shareholders of the company raised concerns over the proposed remuneration paid to the company’s chairman and managing director, Anil Rai Gupta.
Havells India share price NSE: Shares of Havells India edged lower on Monday as many shareholders of the company raised concerns over the proposed remuneration paid to the company’s chairman and managing director, Anil Rai Gupta. Havells India's stock opened at Rs 1,354 and hit a low of Rs 1,341.05 against the previous close of Rs 1,350.85 on the NSE in early morning deals. Havells India shares on Monday finished down Rs 14.95 or 1.11 per cent at Rs 1,335.9 apiece on NSE.
Havells India's certain shareholders had flagged an AGM resolution that proposed Gupta’s estimated remuneration at Rs 28.82 crore in FY24. Shareholders observed that the payout is high in absolute terms and higher than peers. Defending the remuneration formula and payouts to the CMD, the electrical equipment company said in a regulatory filing, "Overall remuneration for FY23 of Shri Anil Rai Gupta is nearly 1.8% of the Profit before Tax (PBT), which is commensurate with the size and nature of the business."
"There is no change in percentage of commission in the proposed resolution vis-à-vis the existing remuneration structure, and it has been the same for the past 10 years," it added. Havells India said that the commission is linked to PBT and will vary depending on the performance of the company.
Overall remuneration for FY23 for Anil Rai Gupta is 1.8 per cent of the profit before tax (PBT), which is commensurate with the size and nature of the business. Also, the FY23 remuneration of Anil Rai Gupta is 1.8 per cent of net profit (the last four years average was 1.8 per cent, which is well within the limit of 5 per cent as prescribed in Section 197 of the Companies Act, 2013, Havells India stated.
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Havells India share price target
Institutional Research has tagged an add call on the counter with a target price of Rs 1,450. As per Institutional Research, the company's core remains healthy and has the focus on competitiveness.
Havells India's share price history
Havells India's stock has given a positive return of nearly 26 per cent in the last 12 months (from June 20, 2022). In comparison, the headline index Nifty 50 has rallied nearly 23 per cent.