Eveready gains as it plans to spin off tea business

Shares of Eveready Industries have surged 2% on the Bombay Stock Exchange (BSE) to Rs 233 on reports that the company is planning to spin off its packet tea business and scale it up with McLeod Russel India, group’s plantation company.

The battery maker is trying to grow its packet tea business, which is dominated by Hindustan Unilever and Tata Global Beverages, media reports says.

Reacting to the development, BSE has sought clarification from company and the reply is awaited.

The scrip opened at Rs 230.95 and touched a high of Rs 236.10. A combined total of 134,931 shares changed hands on the counter of NSE and BSE.