Eveready Industries gains after reports of plans to hive off packet tea business

Eveready Industries India rose 1.86% to Rs 232.75 at 12:30 IST on BSE after reports of company's plans to hive off its packet tea business.

Meanwhile, the S&P BSE Sensex was up 236.60 points or 0.98% at 24,479.65.

On BSE, so far 11,072 shares were traded in the counter as against average daily volume of 52,781 shares in the past two weeks. The stock hit a high of Rs 236.10 and a low of Rs 230.70 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 192.30 on 12 February 2016. The stock had underperformed the market over the past one month till 2 March 2016, declining 4.79% compared with 1.21% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 21.22% as against Sensex's 7.18% fall.

The mid-cap company has an equity capital of Rs 36.34 crore. Face value per share is Rs 5.

As per reports, Eveready Industries India will also collaborate with promoter group's plantation company, McLeod Russel India to scale its hived off packet tea business. Mcleod Russel India holds 2.29% stake in Eveready Industries India as per shareholding pattern as on 31 December 2015. Mcleod Russel India and Eveready Industries India belong to B M Khaitan group of companies.

Eveready Industries India's net profit rose 10.6% to Rs 16.95 crore on 0.4% decline in net sales to Rs 323.79 crore in Q3 December 2015 over Q3 December 2014.

Eveready is the market leader of dry cell batteries. Apart from dry cell batteries, Eveready is also the market leader in flashlights. Eveready also markets LED, CFL, GLS lamps & other lighting products and rechargeable lanterns & devices, and packet tea.

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