EVEREADY jumps on promoter’s stake sale plan

Shares in Eveready Industries India Ltd (EVEREADY) jumped over 14 percent on bourses through mid-session after media reports quote that promoter BM Khaitan is likely to sell its stake in Eveready Industries.

According to media digest, the promoter, which owns 45 percent stake in the Eveready, has reportedly mandated Kotak Bank for the potential sale.

Reacting to this development, at 11.15 hours, EVEREADY was demonstrating Rs 208.25 per share, up by 14.70% on the NSE. The scrip opened at Rs192.10 and touched a high of Rs213.80 and low of Rs192.10 during trade.

Eveready Industries India Ltd is the world’s third largest player of carbon zinc batteries, selling over a billion units a year. It is also country’s largest selling brand of dry cell batteries and flashlights with dominant market shares.