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Eveready shares cool off after surging 5%

The stock jumped on reports that US-based Energizer Holdings is eyeing a controlling stake in Eveready Industries as the sale process gathers momentum.

ETMarkets.com|
Updated: Feb 12, 2019, 03.51 PM IST
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Experts say Eveready's deteriorating financial health may have prompted the promoters to opt for selling the company.
NEW DELHI: Shares of Eveready Industries India surged 5 per cent in early trade on Tuesday on news of rivalry between Energizer and Duracell for controlling stake in the company. However, the stock failed to hold altitude and pared most of its gains.

Around 10 am, the scrip was 0.74 per cent up at Rs 210.05 on BSE.

The stock jumped on reports that US-based Energizer Holdings is eyeing a controlling stake in Eveready Industries as the sale process gathers momentum.

Energizer, which already owns the Eveready brand in the US and China, is likely to face competition from rival Duracell, owned by Warren Buffett’s Berkshire Hathaway.

The BM Khaitan-led Williamson Magor is selling its flagship Eveready Industries, a leader in dry cell batteries and flashlights.

Experts say Eveready's deteriorating financial health may have prompted the promoters to opt for selling the company.

The company has attempted diversification by entering into LED lights and appliances business of late but has faced difficulties to venture into new segments.

The shares of the company closed 2.54 per cent down at Rs 203.20 on BSE.



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