Rupa and Co arm to sell Fruit of the Loom fashion wear in India
15 March 2017
Under the agreement, Oban Fashions will have the exclusive rights to manufacture, distribute, advertise and sell a range of products from Fruit of the Loom Inc, including innerwear and outerwear for men, boys, women, girls and toddler in India, under their brand names and trademarks.
Shares of Rupa and Company surged more than 16 per cent in intraday trading today following the news on Wednesday that it has entered into license agreement with Fruit of the Loom.
At 09:46 hrs Rupa and Company was quoting at Rs305.05, up Rs30.25, or 11.01 per cent on the BSE. The stock also witnessed a huge spurt in volumes of more than 16.25 times.
The stock is Rupa & Company Ltd is currently trading at Rs284, up Rs9.20 or 3.35 per cent above its previous closing of Rs274.8 on the BSE.
In a period of one year since its market debut, Rupa and Company has delivered 12 per cent returns, underperforming the BSE small-cap and BSE 500 indices over the same time span.
Rupa & Company manufactures knitted apparel, including hosiery. Besides, the company offers textile, leather and other apparel products.
The scrip opened at Rs292.5 and touched a high and low of Rs319.7 and Rs284 so far during trading.
The BSE group 'B' stock of face value Re1 touched a 52-week high of Rs336 on 12 April 2016 and a 52-week low of Rs244 on 10 January 2017.
The promoters holding in the company stood at 74.93 per cent while institutions and other investors held 0.01 per cent and 25.06 per cent, respectively, in the company.