On a year-to-date basis, the share price of Eveready Industries jumped 56 per cent to Rs 280.40 on September 29. The BSE Sensex declined 6.28 per cent during the same period. (Photo: Reuters)
Shares of Eveready Industries India gained as much as 6.99 per cent in the early trade on Wednesday after the Reserve Bank of India on Tuesday allowed foreign investors to invest up to 49 per cent stake in the company under the Portfolio Investment Scheme.
At 9.41 am, Eveready Industries shares were trading 3.78 per cent up at Rs 291 apiece. The scrip opened at Rs 295.40 and had touched a high and low of Rs 300 and Rs 290.50, in trade so far. Sensex was up 0.69 per cent at 25,957.
“Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (FPIs) can now invest up to 49 per cent of the paid up capital of Eveready Industries India Ltd under the Portfolio Investment Scheme (PIS),” RBI said in a release.
As per data on BSE, FIIs held 16.29 per cent stake in the company as of quarter ended June 2015. FIIs, NRIs and PIOs (Persons of Indian Origins) can invest in primary and secondary capital markets in India through PIS.
On a year-to-date basis, the share price of Eveready Industries jumped 56 per cent to Rs 280.40 on September 29. The BSE Sensex declined 6.28 per cent during the same period.
For the quarter ended June 2015, the company posted net profit of Rs 15.89 crore, up 49.88 per cent, against Rs 10.60 crore in the corresponding quarter a year ago.
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