Mid-Cap Stock Outperforms Nifty & Sensex, Soars 13% on New CEO’s Appointment

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Mid-Cap Stock Outperforms Nifty & Sensex, Soars 13% on New CEO’s Appointment

By Malvika Gurung

Investing.com -- Shares of the consumer goods company Eureka Forbes (BO: EURK ) zoomed 12.98% to Rs 418.7 apiece at the time of writing, after soaring over 14% in early trade on Tuesday, as the company announced the appointment of a new MD & CEO on July 11, 2022.

In an exchange filing on Monday, the vacuum cleaner and water purifier company announced that its board approved the appointment of Pratik Pota as its Managing Director and Chief Executive Officer for a term of five years, starting from August 16, 2022, subject to the shareholders’ approval.

The company added that Pota would lead the management team to continue scaling the business, solidifying Eureka Forbes' market leadership position, and delivering innovative products for a growing customer base.

Prior to Eureka Forbes, Pota was the chief executive of the largest Indian food service company Jubilant Foodworks (NS: JUBI )s and has held leadership roles at PepsiCo (NASDAQ: PEP ), Bharti Airtel (NS: BRTI ) and Hindustan Unilever (NS: HLL ), with a career spanning over 30 years.

In Sept 2021, the global private equity firm Advent International acquired a majority stake in Eureka Forbes from Shapoorji Pallonji Group for Rs 4,400 crore, to help the latter deleverage its balance sheet.

The mid-cap scrip jumped almost 13%, defying the broader market’s mood as benchmark indices Nifty50 and Sensex traded 0.65% and 0.58% in red, respectively.

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