Eveready Inds jumps after RBI relaxes foreign investment ceiling

Eveready Industries India jumped 3.71% to Rs 290.80 at 9:51 IST on BSE after the Reserve Bank of India yesterday, 29 September 2015, notified that foreign investors can now invest up to 49% of the paid-up capital of the company.

Meanwhile, the S&P BSE Sensex was up 181.22 points or 0.7% at 25,959.88.

On BSE, so far 55,000 shares were traded in the counter as against average daily volume of 30,000 shares in the past two weeks.

The stock hit a high of Rs 300 and a low of Rs 289.45 so far during the day. The stock had hit a record high of Rs 374.90 on 17 July 2015. The stock had hit a 52-week low of Rs 96 on 29 September 2014.

The Reserve Bank of India (RBI) yesterday, 29 September 2015, notified that foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) can now invest up to 49% of the paid up capital of Eveready Industries India under the Portfolio Investment Scheme (PIS).

FIIs held 16.29% stake in Eveready Industries India (as per the shareholding pattern as on 30 June 2015).

Eveready Industries India's net profit rose 49.9% to Rs 15.89 crore on 7.6% growth in net sales to Rs 347.93 crore in Q1 June 2015 over Q1 June 2014.

Eveready is the market leader of dry cell batteries selling more than 1.2 billion units annually. Apart from dry cell batteries, Eveready is also the market leader in flashlights selling in excess of 25 million units per year. Eveready also markets LED, CFL, GLS lamps & other lighting products and rechargeable lanterns & devices, and packet tea.

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