​Shares of Eveready Industries surged to near previous highs. Know why

Shares of Eveready Industries India, the top battery maker, surged near previous highs after the company announced a hike in unit prices to offset rising costs and currency fluctuations.

Eveready said it had raised per unit prices in the range of 0.50 rupees and 1 rupees in the premium range, which constitutes 40 percent of sales. The move would balance rising inflation and overhead costs, the company said in a statement to exchanges. Eveready sells about 1.2 billion battery units each year.

Eveready's stock surged 11 rupees, or 3.2 percent, to 356 rupees on the National Stock Exchange where 4.4 lakh shares were traded by 11:30 am compared with a 5-day average of 3.03 lakh shares.

Eveready's market capitalisation has surged 327 percent in one year to 2,544 crore rupees as investors bought into rare companies which had a strong brand presence but were beaten down badly in the downturn.

Image credit: Indiatimes