Eureka Forbes lists on National Stock Exchange; share price gains over 3%: Eureka Forbes share price
Source: Business Standard
The Bombay Stock Exchange (BSE) building in Mumbai. Photographer: Dhiraj Singh/Bloomberg
Eureka Forbes share rises: Shares of home appliances manufacturer Eureka Forbes were buzzing in trade on the Bombay Stock Exchange (BSE) on Wednesday, September 11, 2024.
The Eureka Forbes scrip gained up to 3.37 per cent to hit an intraday high of Rs 509.90 per share.
Shares of Eureka Forbes rose after the company announced the listing of its shares on the National Stock Exchange (NSE).
The company said that the scrip code of the company has also undergone a change. The shares were previously listed only on the Bombay Stock Exchange (BSE) under the scrip code EUREKAFORBE.
With the listing on NSE, the scrip code is now EUREKAFORB on both the stock exchanges (BSE & NSE), the company said.
“Listing on the NSE is an important event in our endeavours to be accessible to more shareholders and investors. Our transformation initiative Udaan has seen progress on multiple fronts and our focus will remain on driving the transformation initiatives to create long term value,” Eureka Forbes spokesperson said
Financially, Eureka Forbes has reported sustained volume growth for 4 successive quarters, Ebitda margins improved by 401 bps to 10.3 per cent in FY24 and the Company has now become cash surplus, the company highlighted.
Overall, Eureka Forbes revenue from operations increased 9.4 per cent year-on-year (Y-o-Y) to Rs 552.8 crore in Q1FY25. Profit After Tax (PAT), meanwhile, zoomed 40.7 per cent Y-o-Y to Rs 31 crore from Rs 22.1 crore in Q1FY24.
Eureka Forbes, established in 1982 as a joint venture between Tata Group’s Forbes & Company (60 per cent) and Swedish manufacturer Electrolux (40 per cent), is a multinational home appliances firm headquartered in Mumbai. The company specialises in water purification systems, vacuum cleaners, air purifiers, and home security solutions.
In 2001, Tata Group divested its interest in Forbes & Company, which was acquired by the Shapoorji Pallonji Group. Four years later, Electrolux sold its 40% stake in Eureka Forbes to Forbes & Company.
Eureka Forbes expanded its international presence in 2010 by acquiring a 25% stake in the Swiss consumer products company Lux International. By 2013, Eureka Forbes had increased its investment to become the majority shareholder in Lux International.
In 2022, Advent International acquired Shapoorji Pallonji Group’s entire stake in Eureka Forbes, leading to Eureka Forbes’ separation from Forbes & Company and its subsequent listing on the Bombay Stock Exchange (BSE).
At 12:20 PM, shares of Eureka Forbes were trading 2.23 per cent higher at Rs 504.25 per share. In comparison, BSE Sensex was trading 0.18 per cent higher at 82,068.82 levels.
First Published: Sep 11 2024 | 12:27 PM IST
