Everest Industries has soared 5% to Rs 78.85 after foreign institutional investors (FIIs) hiked their stake in the company by around 1% through market purchases.

American Funds Insurance Series – Global Small Capitalization Fund purchased 501,658 shares representing a 0.69% stake in dry cells company through open market purchase on the National Stock Exchange (NSE).

The stock of Eveready Industries opened at Rs 74.60 and touched a three-year high of Rs 81.80 on the BSE. The trading volumes on the counter zoomed almost six-fold, with 896,000 shares changing hands since this morning as against an average 154,000 shares traded daily in the past two weeks.