Kolkata, Battery and flashlight major <keyword id="166960" type="General" weightage="20" keywordseo="Eveready-industries" source="Orion">Eveready Industries</keyword> India Ltd (EIIL) on Tuesday reported a 73.5 per cent increase in consolidated net profit to Rs 25.44 crore for the second quarter of the current fiscal on easing input cost. The city-based company had posted a net profit of Rs 14.73 crore in the corresponding quarter last fiscal, the company said in a regulatory filing. Revenue from operation during the July-September quarter was lower by three per cent to Rs 364.9 crore as compared to Rs 375.7 crore in the year-ago period. Operating EBITDA (earnings before interest, taxes, depreciation, and amortisation) margin improved to 12.7 per cent from 11.4 per cent in the second quarter of the 2022-23 fiscal. Eveready Industries said the revenue performance was nearly flat owing to the distribution revamp, which is expected to normalise in the coming quarters. Battery-operated flashlights continued to degrow despite healthy growth in rechargeable category, it said. "Favourable trends in key raw materials and stability in exchange rate created suitable conditions for margin expansion," the company said in a statement. "Our emphasis to grow within our existing business mix saw us successfully execute a very complex route to market in our distribution structure," Eveready Industries Managing Director Suvamoy Saha said. The initial moderation in uptake in batteries is expected to resolve in the coming quarters as stocks get replenished via more efficient pathways, he said. In its revamp journey with the new management under the Dabur family, Eveready has also unveiled a new logo and a tagline, aiming at wooing the new generation of consumers.

Eveready Q2 FY'24 net profit jumps 73% on easing input cost

<ul><li>The company is in the business of manufacturing and marketing of batteries, flashlights and packet tea under the brand name of "Eveready".</li><li>The bank also invoked the pledge on more than 78.32 crore equity shares for recovery of its dues from Seajuli. </li><li>The shares of <keyword id="162944" type="DOMAIN" weightage="20" keywordseo="McLeod-Russel-India">McLeod Russel India</keyword> held by Williamson Magor and Co Ltd were pledged with the bank for securing the outstanding dues of Seajuli Developers &amp; Finance Limited, the borrower company.</li></ul> <keyword id="46717" type="CITY" weightage="20" keywordseo="IndusInd-Bank">IndusInd bank</keyword> has acquired more than 7 per cent stake in both <keyword id="205292" type="COMPANY" weightage="20" keywordseo="Eveready-Industries-India">Eveready Industries India</keyword> and <keyword id="88194" type="COMPANY" weightage="20" keywordseo="McLeod-Russel">McLeod Russel</keyword> India by invoking pledged shares. The bank invoked pledge on more than 56.83 lakh equity shares of Eveready Industries to pick up 7.82 per cent stake in the battery maker. "The equity shares of Eveready Industries India Ltd held by Williamson Magor and Co Ltd were pledged with the bank for securing the outstanding dues of Seajuli Developers &amp; Finance Limited (Seajuli), the borrower company. The bank has invoked the pledge held on aforesaid shares for recovery of its dues from Seajuli," IndusInd Bank said in a regulatory filing. The company is in the business of manufacturing and marketing of batteries, flashlights and packet tea under the brand name of "Eveready". The bank also invoked the pledge on more than 78.32 crore equity shares for recovery of its dues from Seajuli. The shares of McLeod Russel India held by Williamson Magor and Co Ltd were pledged with the bank for securing the outstanding dues of Seajuli Developers &amp; Finance Limited, the borrower company. IndusInd Bank has acquired 7.50 per cent paid-up equity share capital of the company by invoking shares. McLeod Russel India is engaged in cultivation and manufacturing of tea. The tea produced is sold in domestic as well as international markets and is part of the Williamson Magor Group. It has 31 tea estates in Assam and two in the Dooars region of <keyword id="6357783" type="LOCATION" weightage="20" keywordseo="West-bengal">West Bengal</keyword>, three estates in Vietnam and six in <keyword id="6457" type="COUNTRY" weightage="20" keywordseo="Uganda">Uganda</keyword>. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-cfo-says-lateral-hiring-will-take-time-and-only-after-utilisation-improves-to-pre-covid-levels/articleshow/77440879.cms">Tech Mahindra CFO says lateral hiring will take time — and only after utilisation improves to pre-COVID levels</a> <a href="https://www.businessinsider.in/business/startups/news/how-karan-bajaj-sold-his-less-than-18-month-old-startup-white-hat-jr-to-byjus/articleshow/77415329.cms">A WhatsApp message, six weeks of talks and a $300 million deal – how Karan Bajaj sold his less than 18-month old startup White Hat Jr to Byju’s</a>

IndusInd bank acquires more than 7% stake in both Eveready and Mc Leod Russel

<ul><li><keyword id="498521" type="DOMAIN" weightage="20" keywordseo="Eveready">Eveready</keyword> is the top battery <keyword id="6359405" type="UNKNOWN" weightage="20" keywordseo="brand">brand</keyword>, available in <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> since 1905 </li><li>Promoters reportedly plan to sell their 45% stake in the company </li><li>The century-old brand is expected to find interest from both Indian and foreign suitors</li></ul> Eveready, which has been synonymous with dry cell batteries in India for decades, is up for <keyword id="6371194" type="UNKNOWN" weightage="20" keywordseo="sale">sale</keyword> according to a <a href="https://timesofindia.indiatimes.com/business/india-business/b-m-khaitan-rolls-out-sale-plan-for-flagship-eveready/articleshow/67478732.cms" data-type="tilCustomLink" target="_blank">report</a> from Times of India. The company's founding family, the Khaitans, are looking to sell a big chunk of their 45% stake in the company, the report said. Eveready has been selling products in India since <a href="http://www.evereadyindia.com/about-us/legacy.aspx" data-type="tilCustomLink" target="_blank">1905</a>. It was incorporated as a company in 1934 and continued as a subsidiary of the US-based <keyword id="6387806" type="COMPANY" weightage="20" keywordseo="union-carbide">Union Carbide</keyword> Corporation for decades. It was 1993 when BM Khaitan and Williamson Magor came together to take control of the company after a bitter battle for control with the Nusli Wadia, who owned <keyword id="6383267" type="COMPANY" weightage="20" keywordseo="bombay-dyeing">Bombay Dyeing</keyword>. The Kolkata-based Khaitans' business empire includes <keyword id="88194" type="COMPANY" weightage="20" keywordseo="McLeod-Russel">McLeod Russel</keyword>, Kilburn Engineering, and McNally Bharat, other than Eveready. McLeod Russel is the world's biggest bulk tea producer. Eveready, which the Khaitans bought for Rs 300 crore in 1993, had a revenue of ₹ $200 <keyword id="53215" type="ORGANIZATION" weightage="20" keywordseo="million">million</keyword> in financial year ended March 2018. Dry cell batteries alone make for ₹950 crores of the turnover. The sellers are likely to seek a price that would value Eveready at about $500 million. Investors in India cheered the promoters' proposal to exit and the <keyword id="6368159" type="UNKNOWN" weightage="20" keywordseo="stock">stock</keyword> surged as much as 18% after the report before cooling off. However, the company is burdened with piling up debt. Shrinking profit margin has not helped the promoter's cause. A factor that has halved the stock price by half over the last year, and is likely to weigh on the bids from potential suitors. See also: <a href="https://www.businessinsider.in/while-fighting-his-father-an-indian-billionaire-will-quit-his-nearly-100-year-old-conglomerate/articleshow/67467823.cms">While fighting his father, an Indian billionaire will quit his nearly 100-year old conglomerate</a> <a href="https://www.businessinsider.in/ces-2019-munjal-grandson-from-the-hero-family-is-selling-ai-devices/articleshow/67469653.cms">The grandson of India’s most famous ‘bicycle maker’ is selling AI at CES 2019</a>

A 100-year old successful Indian brand is up for sale at about $500 million: Report

<img class="gwt-Image" src="/photo/48355714.cms" /> Shares of <keyword id="166960" type="COMPANY" weightage="100" keywordseo="Eveready-Industries">Eveready Industries</keyword> India, the top battery maker, surged near previous highs after the company announced a hike in unit prices to offset rising costs and currency fluctuations. 
 
Eveready said it had raised per unit prices in the range of 0.50 rupees and 1 rupees in the premium range, which constitutes 40 percent of sales. The move would balance rising inflation and overhead costs, the company said in a statement to exchanges. Eveready sells about 1.2 billion battery units each year. 
 
Eveready's stock surged 11 rupees, or 3.2 percent, to 356 rupees on the National Stock Exchange where 4.4 lakh shares were traded by 11:30 am compared with a 5-day average of 3.03 lakh shares. 
 
Eveready's market capitalisation has surged 327 percent in one year to 2,544 crore rupees as investors bought into rare companies which had a strong brand presence but were beaten down badly in the downturn. 
 
Image credit: Indiatimes

​Shares of Eveready Industries surged to near previous highs. Know why

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> edged lower in morning trade after opening on a positive note on Wednesday. </li><li>Most sectoral indices were in the red, with PSU bank, healthcare and pharma indices losing the most. </li><li>State Bank of India, Axis Bank and Dr. Reddy’s Laboratories were amongst the top losers in morning trade. </li></ul>India’s benchmark indices Sensex and Nifty50 edged lower in morning trade after opening on a positive note on Wednesday. Most sectoral indices were in the red, with PSU bank, healthcare and pharma indices losing the most. Both the indices were down by 0.3%, with Sensex hovering at 61,592 points and Nifty50 at 18,218 points. State Bank of India, Axis Bank and Dr. Reddy’s Laboratories were amongst the top losers in morning trade. Top gainers and losers on Nifty50 <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.45% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.66% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Britannia Industries </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.04% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.36% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid Corp. </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.94% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.07% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.76% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr. Reddy's Laboratories </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.89% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.64% </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finserv </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.80% </td></tr></tbody></table> Source: NSE, as on May 10, 2023 Earlier on Tuesday, both the benchmark indices rose in mid-market trading, with Sensex crossing the 62,000 mark for the first time since December. However, by markets close, both the indices pared their gains to end flat. Gold prices edged up to ₹61,410 per 10 grams while silver stood at ₹77,455 per kilogram. Crude oil prices gained as well, with Brent crude prices hovering at $76.9 per barrel. <cmsannotation type="cmsannotation" annotationid="Global cues negative" comment="subhead" text="Global cues negative">Global cues negative</cmsannotation> Markets globally offered negative cues on Wednesday. US markets closed lower ahead of key inflation data, with Dow Jones closing 0.17% lower while S&amp;P 500 fell 0.46%. The tech-heavy Nasdaq closed 0.63% in the red. Asian markets were largely in the red on Wednesday morning, with Shanghai Composite falling the most at 1.12%, followed by Taiwan Weighted which was down 0.85%. Hang Seng fell 0.62%, while Nikkei 225 was down 0.44%. KOSPI was down only 0.15%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch">Stocks to watch</cmsannotation> Earnings today: <keyword id="6354919" type="General" weightage="20" keywordseo="lt" source="Orion">L&amp;T</keyword>, Dr Reddy’s Laboratories, Godrej Consumer Products, Gujarat Gas, Relaxo Fotwears, Bosch, Escorts, Cera Sanitaryware, JBM Auto, Orchid Pharma, Pricol among companies to release its March quarter earnings today. Nazara Technologies: The gaming company reported an 18% increase in consolidated net profit at ₹2.6 crore for March quarter while revenue from operations surged 65% on year to ₹289 crore. It has also increased stake in Nextwave Multimedia, developers of World Cricket Championship, to 71.88% from 52.38%. <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> group: Three Adani group entities, namely <keyword id="4343578" type="General" weightage="20" keywordseo="adani-green" source="Orion">Adani Green</keyword>, <keyword id="895682" type="General" weightage="20" keywordseo="adani-ports" source="Orion">Adani Ports</keyword> &amp; SEZ, and <keyword id="2687606" type="General" weightage="20" keywordseo="adani-transmission" source="Orion">Adani Transmission</keyword> have been removed from a UN-backed list of green companies. Further, the committee set up by the Supreme Court to look into the Hindenburg allegations has submitted its report to the court. SpiceJet: The airline has submitted a request to the aviation regulator to deregister three aircraft. Currently, many aircraft of the low cost carrier are grounded due to various reasons. Apollo Tyres: The company has reported a four fold increase in net profit at ₹427 crore while revenue from operations rose 12% on year to ₹6,247 crore. Reliance Industries: The Delhi High Court on Tuesday dismissed a petition filed by the Union government against a consortium led by the company regarding a gas dispute in the Krishna Godavari basin. Eveready Industries: The battery and lighting products manufacturer has narrowed its loss to ₹ 14 crore as against a loss of ₹38 crore last year. Meanwhile, its revenue increased 18% to ₹286 crore from ₹242 crore last year. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/india-china-amongst-top-gold-buyers-in-march-quarter-as-central-banks-hoard-yellow-metal/slidelist/100103402.cms">India, China amongst top gold buyers in March quarter as central banks hoard yellow metal</a> <a href="https://www.businessinsider.in/business/auto/news/fy23-scorecard-tvs-motor-fares-better-than-bajaj-auto-hero-motocorp-on-profits-and-margins/articleshow/100082560.cms">FY23 Scorecard: TVS Motor fares better than Bajaj Auto, Hero MotoCorp on profits and margins</a>

You Searched For "Eveready Battery Company" and got 5 results

Eveready Q2 FY'24 net profit jumps 73% on easing input cost

PTI

IndusInd bank acquires more than 7% stake in both Eveready and Mc Leod Russel

IANS

A 100-year old successful Indian brand is up for sale at about $500 million: Report

Sriram Iyer

Shares of Eveready Industries surged to near previous highs. Know why

Shailendra Bhatnagar

Sensex, Nifty50 edge lower after a positive opening: SBI, Axis Bank among top losers

Bhakti

Rounak

You Searched For "Eveready Battery Company" and got 5 results

Eveready Q2 FY'24 net profit jumps 73% on easing input cost

PTI

IndusInd bank acquires more than 7% stake in both Eveready and Mc Leod Russel

IANS

A 100-year old successful Indian brand is up for sale at about $500 million: Report

Sriram Iyer

​Shares of Eveready Industries surged to near previous highs. Know why

Shailendra Bhatnagar

Sensex, Nifty50 edge lower after a positive opening: SBI, Axis Bank among top losers

Bhakti

Rounak

Shares of Eveready Industries surged to near previous highs. Know why