Eveready share price rises for second straight session, hits 52-week high; here’s why

According to Ruchit Jain, Lead Research Analyst at 5paisa, Eveready stock, has given breakout from a long consolidation phase with good volumes. The momentum seems positive with RSI rising higher. Eveready stock can rally higher in the near term while the support base is now seen around ₹370-380.

Eveready share price today opened at ₹382 on NSE. Eveready Industries share price touched intraday high at ₹418.30 and low at ₹380 on Tuesday’s session.

At 14:10 IST, Eveready stock was trading at high volumeof 2.4 million with price gain of 9.86, as per trendlyne data. Eveready share price has gained 50.21% from 52-week low of ₹273.4 record on March 28, 2023. The stock’s weekly average delivery volume is 54.48%.

Eveready Industries India Ltd announced on August 12 that its consolidated net profit for the first quarter of 2023, which ended on June 30, 2023, jumped by 13.77% to ₹24.86 crore. This rise was driven by operating growth.

According to a regulatory filing by Eveready Industries, the company reported a net profit of ₹21.85 crore for the April–June period of the previous year.

Its revenue from operations rose by 8.4% to ₹363.57 crore in the reviewed quarter compared to ₹335.38 crore in the same time last year.

 “It has been an endeavour to bring salience to under-indexed areas within batteries and flashlights and over here our teams have made good progress.

The lighting business continues to show an uptick as we make further inroads into the electrical outlets distribution channel. Our innovative emergency LED bulbs have made a mark with our core audience,” said Managing Director Suvamoy Saha, commenting on the Q1 result.

Also Read: Eveready Industries Q4: Firm narrows net loss to ₹14.4 cr, revenue up 18%

Eveready Industries India Ltd is a household name in batteries and flashlights, with emerging presence in lighting. The Company’s manufacturing facilities are spread across 6 locations, namely Matia, Lucknow, Noida, Haridwar, Maddur and Kolkata. 

Updated: 22 Aug 2023, 02:34 PM IST