Eveready spikes up by 16 per cent

The stock of Eveready was surging in morning trade on the back of news that its promoter is looking to sell stakes. The stock was up by more 16 per cent in early trade on Friday, while Williamson Magor was stuck in upper circuit.

Eveready Industries' promoter company Williamson Magor, which is held by Brij Mohan Khaitan is reported to have appointed Kotak Mahindra Bank to explore deals to sell its dry cell battery and flashlight business. The promoter holds 45 per cent stake in Eveready. The enterprise value of the company is evaluated at around Rs. 3,000-4,000 crore.

Earlier in December, the company had monetized its land in Chennai which housed an idle factory that had became economically unviable. The company sold the land for a consideration of Rs. 100 crore.

Reacting to this development, at 9:50 hours, Eveready Industries was quoting Rs. 208.25 per share, up by Rs. 26.75 or 14.74 per cent, while the promoter company Williamson Magor was stuck at its upper circuit limit with no buyers. The stock was at Rs. 63.60 per share, up by Rs. 10.60 or 20.00 per cent on Friday.