Eveready

Company's focus shifts to topline growth under Burmans; may look at new categories later

Company says the charge will even out for the full year; revenue up 5% to Rs 376 cr

The Burmans are expected to appoint three non-executive directors to the Eveready board

Stocks to watch today: HDFC, slated to merge with HDFC Bank, raised Rs 4,000 crore through a paper with a maturity of 21 months; Jet Airways plans to lease 6 to 8 planes as part of re-launch.

The company has chalked out improvement plans for each of its business categories and separate business unit teams are working on the plans

On Thursday, the open offer in Eveready by Burman entities closed with the Burmans acquiring 14.3% shares. The total holding of the in the company now stands at 38.3%

Eveready Industries India Ltd is in the "midst of a transformation" of its business and has taken steps to address areas of weaknesses in its operations and the product portfolio

The promoter status for Burman family in Eveready Industries, in which it is vying to acquire an additional 26 per cent stake through a Rs 607-crore open offer, hinges on the nod by SEBI

Over the past decade, a change in consumer choice swept through the battery industry - the walkman lost its mojo, smartphones overtook cameras and batteries were tucked away in remotes and wall clocks

Firm is also undergoing a change of control, with the Burman Group intent on taking charge

The Burman group on acquiring control intends to be a "promoter" of Eveready

Auto stocks are likely to react to the monthly sales reported over the last two days. Tata Motors and M&M sales reported strong sales.

In a bid to take over control of dry cell battery major Eveready Industries, the Burman family, the promoters of Dabur, informed that it made an open offer for an additional 26 per cent of the company

A source says Amritanshu Khaitan is unlikely to seek reappointment as firm's MD. Khaitan declined to comment

Moreover, flashlights business showed a "soft trend" due to a high volume of low-cost products dumped by China

The move comes more than a year after the Burman family - promoters of Dabur India - became the largest shareholder in Eveready with a stake of 19.84%

After hefty provisioning for inter-group loans, the Khaitan-managed company says it is back on track. But who will be in control from here on remains an open question

The Eveready stock, however, moved up 6.11% to close at Rs 333.35 on BSE

The trading volumes on the counter jumped over 10-fold with a combined around 5.2 million equity shares, representing 7.1 per cent of total equity of Eveready Industries, changing hands on the NSE and

As imports reduced, Eveready clocked significant volume growth in batteries