Eveready Inds jumps 21% in two days

Eveready Industries India surged 9.96% to Rs 97.75, extending gains for second day.

Shares of the battery maker have added 20.90% in two sessions from its recent closing low of Rs 80.85 on Monday (13 July).

The stock surged 10% to Rs 88.90 on Tuesday (14 July) after the Burman family, promoters of Dabur India, during market hours on Tuesday, acquired additional 8.48% stake in Kolkata-based Eveready Industries, the country's largest dry cell batter maker.

The transactions were initiated through Guardian Advisors, which manages the investment for the Burmans. Guardian Advisors transacted on behalf of M.B.Finmart, Puran Associates, VIC Enterprises, Chowdry Associates and Gyan Enterprises. These companies are owned by various members of the Burman family.

Post this acquisition, the Burman family's stake in Eveready Industries stands increased to 19.84% from 11.35% earlier.

The battery maker's consolidated net profit surged to Rs 63.07 crore in Q4 March 2020, higher than net profit of Rs 4.54 crore in Q4 March 2019. Consolidated net sales declined 32.4% to Rs 224.08 crore in Q4 FY20 over Q4 FY19. It reported exceptional gain of Rs 62.03 crore on sale of land at Hyderabad.

Eveready Industries India is engaged in the business of marketing of fast-moving consumer goods (FMCG), such as dry cell batteries, rechargeable batteries, flashlights, packet tea and general lighting products. The firm also distributes a range of electrical products.

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