Eveready shares up 5% on hike in dry cell batteries prices

Moneycontrol Bureau

Investors are buying Eveready Industries India taking the stock up 4.7 percent intraday after it hiked prices of its batteries. However, the stock came off day's high on weak market condition.
The dry cell batteries manufacturer increased the price of economy pencil size batteries by Rs 5 per strip of 10 batteries, for all D size batteries by Rs 10 per box of 20 batteries.
"A continuous upward trend in cost of materials and overhead expenses have adversely impacted the cost of batteries. This has left us with very little option but to pass on a part of the impact to the market," Deepak Khaitan, Vice Chairman of the company said. Also Read - Dena Bank & Vijaya Bank slid on exclusion from F&O segment
Realization will be increased between 3 percent and 10 percent from October, 2013 after hike in batteries prices.
Eveready is the market leader of dry cell batteries selling more than 1.2 billion units annually. Apart from dry cell batteries, Eveready is also the market leader inflashlights selling in excess of 25 million units per year.
At 13:18 hours IST, the stock was up 1 percent to Rs 20.25 amid high volumes on the Bombay Stock Exchange.
(Posted by Sunil Shankar Matkar)