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.
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.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.