This small-size battery manufacturing company has rallied 16 per cent in five days!
In the afternoon deals, while the BSE smallcap index is trading with marginal gains, Eveready Industries gained more than 10 per cent in the first half of the trading session.
This small-size Battery manufacturing company, Eveready Industries gained more than 10 per cent in the first half of the trading session. It has been in a uptrend for the past five trading sessions, gained more than 16 per cent from Rs 293 on February 11, 2022, to Rs 343 today.
Eveready Industries has posted subdued Q3 results a few weeks back. Revenue was down by 4 per cent on YoY, operating profit was down by 38 per cent on YoY, as a result, margins contracted 800 bps. Net profit declined 51 per cent on YoY.
The current quarter experienced strong headwinds in all categories of the company's businesses. The battery category saw an unprecedented cost push exceeding 20 per cent in the quarter necessitating increase of prices to the market, resulting in market resistance.
The company has a legacy of more than 100 years and has become the market leader in the batteries segment, commanding over 50% of India's market share, and holding more than 70% of India's organised flashlights market
At 1.10 PM, shares of the company were trading at Rs 342.3, up by 7.2 per cent for the day.