Insta
‘Ever-Ready’ To Let Go: B M Khaitan Initiates Sale Of India’s Largest Dry Battery Maker
Eveready batteries. (Website/IndiaMart)
Williamson Magor, led by B M Khaitan, has revealed plans to sell its flagship firm, Eveready Industries and open an auction process for one of India’s household brands, reports Times Of India.
Eveready, with a company history of more than a hundred years, is the undisputed leader in India’s batteries market, commanding over 50 per cent of the market share while also holding over 75 per cent of India's organised flashlights market.
Williamson Magor & Co Limited, the promoter company which holds a 45 per cent stake in Eveready, is controlled by the Khaitan family. The group also controls the world’s largest bulk tea producer McLeod Russel and other firms like Kilburn Engineering Limited and McNally Bharat Engineering Company Limited.
Following this announcement, Eveready's shares posted their biggest intraday gain today (11 January) since February 2016, with more than 31 lakh shares changing hands. However, a 30-day average hovers around 86,800.
Not-so-strong Finances
In November 2018, Eveready reported a net profit of Rs 24.66 crore for the quarter, which was 32 per cent less than the corresponding from last year. Net sales of the company for the September quarter were Rs 383.49 crore, less than the Rs 398.25 crore reported in the same period in 2017.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
