Stay updated with breaking news from Battery Maker. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Battery maker Eveready Industries India reported a 55% jump in third-quarter profit on Tuesday, helped by diminishing input costs. Lithium prices, a key raw material for battery makers, were down in the quarter, helping offset beleaguered rural demand for batteries and flashlights.
Chinda Rept: Demand at those levels is considered poor compared to the peak of Hong Kong's IPO boom in 2021 when some deals were thousands of times oversubscribed. Higher-for-longer interest rates and ongoing global geopolitical tensions have pushed Hong Kong IPO volumes in 2023 to the lowest point in at least 20 years, according to LSEG data.
Cobalt Mine: China's CMOC Group, which boosted its cobalt output by 144% during the first three quarters of 2023, is now on track to become the world's biggest cobalt producer, overtaking commodity group Glencore. CMOC is due to lift its market share of the global mined cobalt market from 11% in 2022 to nearly 30% by 2025, said Jorge Uzcategui, an analyst at consultancy Benchmark Mineral Intelligence.
Markets News: Battery maker Eveready Industries India on Tuesday reported a more than 72% rise in second-quarter profit, helped by diminishing costs. Consolidated n
Battery maker Eveready Industries India on Tuesday reported a more than 72% rise in second-quarter profit, helped by diminishing costs. Consolidated net profit rose to 254.4 million rupees ($3.06 million) in the quarter ended Sept. 30 from 147.3 million rupees a year ago. Quarterly expenses for the company, which also sells flashlights and lighting products like LED bulbs, fell 6% to 3.34 billion rupees, led by a nearly 15% decline in raw material costs.