The stock of Eveready Industries is attracting interest from institutional buyers even as its price has fallen by 21.21 per cent in the past month. HDFC Mutual Fund bought 10 lakh shares on June 12 and now holds a total 6 per cent stake in company.
Other funds like Birla Sunlife Mutual Fund, Kotak Mahindra Mutual Fund and Tata Mutual Fund hold another 3.08 per cent stake in the company. The stock moved up by 4 per cent during the week.
The company is country's largest selling brand of dry cell batteries and flashlights (torches), with dominant market shares of about 46% and 85% respectively. It also sells packet tea.
Stock of the week
Man Industries gained 16.68 per cent over the week to close at Rs 184.30 on the news that the company secured new orders worth approximately Rs 500 crore for supply of pipelines to an Iranian firm and Reliance Industries. This was remarkable considering that the Sensex gained just 0.75 per cent after the bounce back. The company manufactures and supplies steel line pipes for applications such as oil, gas, petrochemicals and water transportation. | ||||||||||||||||