Eveready Industries share price hit upper circuit of 5% today after the firm said it has received permission from government for operation of its battery manufacturing facility at Maddur, Karnataka. Share price of Eveready Industries closed 5% higher at Rs 59.85 compared to the previous close of Rs 57 on BSE. It opened flat at same level.
The microcap stock has been trading higher than 5 day, 20 day, 50 day and 100 day moving averages but lower than 200-day moving averages. It has lost 67.51% during the last one year but gained 9.02% since the beginning of this year. The stock has gained 6.88% in a week.
"Further to our letter dated March 24, 2020, we write to inform you that the Company has received permissionfrom the concerned Government Authority, for operation of its battery manufacturing facility at Maddur, Karnataka subject to certain guidelines inclusive of maintaining a minimum number of working employees. Accordingly, the Company's battery manufacturing facility at Maddur is partially operational in a gradual and phased manner," the firm said.
Eveready Industries India is engaged in the business of marketing of fast moving consumer goods, such as dry cell batteries, rechargeable batteries, flashlights, packet tea and general lighting products. The company also distributes a range of electrical products.
By Aseem Thapliyal