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Havells India surges on inking out of court settlement with one of the customer

11 May 2015

Havells India is currently trading at Rs. 286.85, up by 8.15 points or 2.92% from its previous closing of Rs 278.70 on the BSE.

The scrip opened at Rs 277.45 and has touched a high and low of Rs 293.40 and Rs 270.00 respectively. So far 651249 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 346.15 on 10-Dec-2014 and a 52 week low of Rs. 181.71 on 09-May-2014.

Last one week high and low of the scrip stood at Rs 295.00 and Rs 270.20 respectively. The current market cap of the company is Rs 17960.28 crore.

The promoters holding in the company stood at 61.64% while Institutions and Non-Institutions held 28.56% and 9.80% respectively.

Havells India has signed an out of court settlement agreement with one of the customer who had raised claims against the Company relating to supply of switchgear products. The supply was questioned by the customer on approved specification norms. The material supplied was reportedly recalled by the customer voluntarily from the market. During the year 2012-13, arbitration proceedings were initiated by the customer against the Company under English Laws.

The Company, considering its long-term relationship with the customer without admission of liability on its part, agreed to pay an amount of Rs 69.69 crore to the customer as full and final settlement of the legal proceedings. The amount has been fully provided for in the books of Accounts and includes Rs 17.71 crore and Rs. 27.69 crore provided during the last quarter and financial year 2014-15 respectively.

Havells India is a leading FMEG Company with a strong global footprint. It enjoys enviable market dominance across a wide spectrum of products, including Industrial & Domestic Circuit Protection Devices, Cables & Wires, Motors, Pumps, Fans, Modular Switches, Home Appliances, Electric Water Heaters, Power Capacitors, CFL Lamps etc.


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Havells India Share Price

997.15 -0.20 (-0.02%) Jun 18, 18:03
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Siemens 2022.00
Havells India 997.15
Apar Inds 514.55
ABB India 1740.80
CG Power & Indl.Soln 81.35
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SEBI Registered: Investment Adviser - INA000013323