Eveready Inds powers up

Eveready Industries is showing some extraordinary jump in volumes – from 2-week average of less than 6000 shares, today morning alone, volume has jumped up almost 5.3 lakh times – a spike up of over 103 times.

The stock price briefly touched the 10% UC at Rs.59.30 and soon came back to Rs.57 levels.

The stock rose after it was allowed by the Delhi High Court to go ahead with the sale of its property at Hyderabad.

Earlier, the Court had passed an ad?interim ex?parte order of injunction by which, inter alia, the company had been restrained from selling, transferring, alienating, disposing, assigning, dealing, encumbering or creating third party rights on any of its assets, and carrying out any change in its capital structure, or any corporate or debt restructuring till the date of the next hearing in the matter.

The matter was heard on 24th Dec and it passed an ad?interim order of injunction to the extent that the company has been allowed to go ahead with the sale of the property at Hyderabad in terms of the Agreement for Sale dated August 30, 2019.

The company had inked an agreement with Nuland Technologies, for sale of its land in Hyderabad for a consideration of Rs 100 crore.