Financial Daily from THE HINDU group of publications
Tuesday, Nov 11, 2003
Financial Daily from THE HINDU group of publications Tuesday, Nov 11, 2003 |
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Markets
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Stock Markets Eveready on a high Our Bureau
Kolkata , Nov 10 THE Eveready Industries' stock today remained in the upper freeze of 20 per cent at close on the major bourses. There were a few block deals in the counter on the Bombay Stock Exchange and the National Stock Exchange. On the BSE, the stock recorded five block deals involving a total of 63,220 shares and on the NSE, it had one block deal of 38,136 shares. According to dealers, some institutional players and portfolio scheme managers were reportedly active in the counter. According to Mr Ketan Thacker of Anagram Stockbroking, the trigger for the stock is its improved results. "The valuation of the stock is cheap at just 6.9 times its trailing four quarter earnings", he added. During the July-September quarter, though the sales of the company declined by 1.1 per cent, the net profit improved by 6 per cent. After adjustment for exceptional items, the net profit was up by 43.5 per cent. The stock today closed at its 52-week high at Rs 36.05 (Rs 30.05). The Eveready counter attracted a traded quantity of 5.65 lakh shares on the BSE and 4.66 lakh shares on the NSE. Some 59.37 per cent of the traded shares on the NSE were presented for delivery. According to a NSE broker, the market was expecting a better top and bottomline growth in view of increased order flow from Sudan and Gulf countries, including Kuwait. A dealer in a leading institutional brokerage firm said that the market also speculated the possibility of a stake sale by the promoters to a strategic partner. A couple of overseas companies - one from the UK and another from South Korea - are understood to be keen in picking up stake in Eveready, according to a section of the market. Eveready is planning to relocate its facility in Tamil Nadu to integrate its battery manufacturing operations. The integrated battery plant will have the capacity to produce up to 450 million units per annum. The project, which will be implemented in stages, is expected to begin this month and is to be completed by September 2004.
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