Eveready trades higher two days in a row, stock hits 52-week high

The uptick in the stock prices comes after a period of consolidation seen from May 30 to August 18.

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Eveready Industries shares jumped to a 52-week high at Rs 418.30 on August 22nd in continuation of a sharp upward move seen from August 21.

At 12.30 pm on the NSE, Eveready stock was quoting at Rs 411.70, up Rs 37.95, or 10.15 percent.

On August 22, nearly 23 lakh shares of the company exchanged hands at the exchanges against a monthly average of 2 lakh shares.

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The uptick in the stock prices comes after a period of consolidation seen from May 30 to August 18. The stock has a high trailing P/E of 96x, the highest among its peers.

In its results for Q1FY24, the company reported an 8.65 percent year-on-year (YoY) rise in its revenue from operations at Rs 364 crore. Profit after taxes increased 13.63 percent YoY to Rs 25 crore. Meanwhile, the operating profit margins for the April-June quarter contracted by 100 basis points to 12 percent.

Eveready Limited operates in the fast-moving consumer goods sector, specializing in batteries, flashlights, and lighting solutions. It manufactures a diverse range of batteries, including alkaline, zinc-carbon, rechargeable, and speciality batteries. The company has a 54 percent market share in the consumer battery segment.

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