Shares of Eveready Industries India gained as much as 3.5 per cent in the morning trade on Thursday after the company informed BSE that it has hiked the prices of its batteries.
At 10.13 am, Eveready Industries shares were trading 2.51 per cent up at Rs 296. It opened at Rs 292.95 and had touched a high and low of Rs 299 and Rs 291.20, in trade so far. Sensex was up 0.79 per cent at 26,361.93.
Eveready shares closed 0.10 per cent up at Rs 289.05.
In a BSE filing, the company said, “The popular range constitutes about 60 per cent of total battery volumes, and MRPs of the various types will undergo a change by Rs 0.50 per piece resulting in an increase of around 5 per cent.”
Post this price increase the company would have passed on all adverse cost pressure due the recent currency depreciation.
As per data on BSE, FIIs held 16.29 per cent stake in the company as of quarter ended June 2015.
On a year-to-date basis, the share price of Eveready Industries jumped over 60 per cent to Rs 288.75 on September 30. The BSE Sensex declined 4.92 per cent during the same period.
For the quarter ended June 2015, the company posted net profit of Rs 15.89 crore, up 49.88 per cent, against Rs 10.60 crore in the corresponding quarter a year ago.
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 and other lighting products and rechargeable lanterns & devices, and packet tea.