Eveready gains nearly 2% on commencing commercial production in Assam plant

NEW DELHI: Shares of Eveready Industries gained as much as 1.91 per cent in early trade on Monday after the dry cell battery maker announced that it has commenced commercial production with a capacity of 500 million of batteries and 9 million liquid crystal display (LED) flashlights per annum at its new unit at Industrial Growth Centre, Matia, Goalpara, Assam.

The announcement was made by the company on Friday, February 24.

The scrip was trading 0.40 per cent up at Rs 252.05 around 9.35 am (IST). Shares of the company opened at Rs 251.50 and touched a high and low of Rs 256 and Rs 251.50, respectively, in trade so far. Benchmark BSE Sensex was up 31.35 points, or 0.11 per cent, at 28,924.32.

Eveready Industries has an existing capacity of over 130 crore pieces across manufacturing facilities in Kolkata, Chennai, Haridwar, Maddur (near Bengaluru), Noida and Lucknow.

Batteries account for nearly 60 per cent of the company's turnover; while flashlights account for 15 per cent.

Lighting (including LED light sales) and electrical and packet tea sales account for 21 per cent and 5 per cent, respectively.

The company has also decided to reorganise their packet tea business examining and evaluating all alternatives, according to earlier reports.