Eveready Industries India rose 3.99% to Rs 20.85 at 9:21 IST on BSE after the company announced a hike in the prices of its batteries.
The company made the announcement after market hours on Thursday, 19 September 2013.
Meanwhile, the BSE Sensex was down 42.89 points, or 0.21%, to 20,603.75
On BSE, 56,000 shares were traded in the counter compared with average volume of 1.06 lakh shares in the past one quarter.
The stock hit a high of Rs 21 and a low of Rs 20.60 so far during the day. The stock hit a 52-week low of Rs 14.05 on 7 August 2013. The stock hit a 52-week high of Rs 26.40 on 19 October 2012.
The stock had outperformed the market over the past one month till 19 September 2013, rising 28.53% compared with the Sensex's 12.78% rise. The scrip had also outperformed the market in past one quarter, rising 17.25% as against Sensex's 7.28% rise.
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The small-cap company has an equity capital of Rs 36.34 crore. Face value per share is Rs 5.
Mr. Deepak Khaitan, Vice Chairman, Eveready Industries India said, "A continuous upward trend in cost of materials and overhead expenses has adversely impacted the cost of batteries. This has left us with very little option but to pass on a part of the impact to the market. Realization will be increased between 3% and 10% from October 2013 by increasing the respective MRPs of economy pencil size batteries by Rs 5 per strip of 10 batteries, for all D size batteries by Rs 10 per box of 20 batteries and also by rationalizing trade margins of certain other batteries."
Net profit of Eveready Industries India rose 22.99% to Rs 4.12 crore on 8.98% rise in net sales to Rs 279.57 crore in Q1 June 2013 over Q1 June 2012.
Eveready Industries India's portfolio comprises of dry cell batteries, rechargeable batteries, flashlights, packet tea and lighting products.
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