This Ferro Alloys Company Acquires 1,03,751 Shares of Battery Maker Eveready Industries for Rs 4.72 Crore!
Maithan Alloys Ltd has acquired shares of Eveready Industries Ltd through stock exchange transactions. This acquisition forms part of Maithan Alloys’ investment portfolio, aimed at generating long-term or short-term benefits. Maithan Alloys does not intend to take direct or indirect control over Eveready’s management.
The acquisition was completed on September 20, 2024, with Maithan Alloys purchasing 25,634 shares, representing 0.03 per cent of Eveready's total shareholding. Maithan Alloys holds 0.97 per cent (709,098 shares) of Eveready Industries as of the completion date. The acquisition was made through cash consideration, with a total cost of Rs 1.17 crore.
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Additionally, on September 19, the company acquired a 0.11 per cent stake in Eveready Industries, amounting to 78,117 shares. This brought its total shareholding to 0.94 per cent or 683,464 shares. The total cost of acquisition was Rs 3.55 crore.
Eveready Industries Ltd is a renowned company in the manufacturing and marketing of batteries and flashlights under the “Eveready” brand. It also distributes lighting and electrical products. The company operates from manufacturing facilities located in Lucknow, Noida, Haridwar, Maddur, Kolkata, and Goalpara (Assam), and has an extensive sales and distribution network across India.
Maithan Alloys is a Small-Cap company engaged in the business of manufacturing and exporting all three bulk Ferroalloys- Ferro Manganese, Silico Manganese, and Ferro Silicon. It is also engaged in the generation and supply of Wind Power and has a Captive Power Plant.
On Friday, the shares of Maithan Alloys Ltd rallied over 6.50 per cent and finally closed the day at around Rs 1203.20 per share on the BSE. The company’s current market capitalization stands at Rs 3502.70 crore.
As Quarterly Results in Q1 FY25 Maithan Alloys Ltd recorded a revenue of Rs 349 crore compared to Rs 364 crore. The operating profit stood at Rs 50 crore. The net profit stood at Rs 29 crore compared to a profit of Rs 25 crore same quarter last year. Looking at the annual performance, the company generated a revenue of Rs 1314 crore in FY24. The operating profit for FY24 was Rs 141 crore with an operating profit margin of 11 per cent with a net profit of Rs 67 crore.
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Disclaimer: The article is for informational purposes only and not investment advice.