Shares of Eveready Industries zoomed over 11 per cent to hit a fresh 52-week high at Rs 417.50 on heavy volumes in Tuesday's intra-day deals. In the last two trading sessions, the stock has rallied over 18 per cent.
Further, so far in FY24 the stock has galloped nearly 43 per cent as against a 12 per cent jump in the benchmark index. At 11:55 AM, the stock was trading 10 per cent higher at Rs 411 with trades of around 1.42 lakh shares as against the two-week daily average volume of around 15,000 shares on the BSE. Meanwhile, the S&P BSE Sensex was up 0.2 per cent at 65,328.
For the recently concluded June quarter, the company had reported a 13.8 per cent growth in net profit at Rs 24.90 crore when compared with Rs 21.90 crore in the corresponding quarter a year ago. Revenue from operations increased by 8.4 per cent to Rs 363.60 crore from Rs 335.40 crore.
Raw material costs and foreign exchange volatility have eased out to a large extent, thereby enhancing margins. The reported profitability however takes into account the increased advertising and promotional spends, as per plan, the company said in a release to the exchanges.
Among key developments during the quarter, the company launched several exciting and innovative products such as - Coin Batteries, new devices in rechargeable flashlight - Boomlite and Unicorn and an innovative Instacharge emergency bulbs, the release stated.
Eveready Industries is a household nme in batteries and flashlight, with a legacy of over 100 years. The company commands over 50 per cent market share in the consumer batteries.