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Lovable Lingerie has rallied 18% to Rs 434, also its 52-week high on NSE, after the company said it has entered into a brand sublicensing agreement with “Global Merchandising”, an overseas company of Adidas Group.
The company acquired license of the its brand for a period of 1+2 years to manufacture, distribute and sell the products in the Indian market and thereby expand the market operations of the Company by using the brand and developing its reputation, Lovable Lingerie said in a statement.
Meanwhile, the company engaged in the business of manufacturing garments, has reported 3% year on year (yoy) decline in net profit at Rs 4.27 crore for the quarter ended September 2014. Net sales grew 9% to Rs 46.05 crore on yoy basis.
The stock opened at Rs 371 and hit a low of Rs 361 before the announcements on NSE. The counter has seen huge trading volumes with a combined 3.02 million shares changed hands against an average sub one million shares that were traded daily in past two weeks on NSE and BSE.
The company acquired license of the its brand for a period of 1+2 years to manufacture, distribute and sell the products in the Indian market and thereby expand the market operations of the Company by using the brand and developing its reputation, Lovable Lingerie said in a statement.
Meanwhile, the company engaged in the business of manufacturing garments, has reported 3% year on year (yoy) decline in net profit at Rs 4.27 crore for the quarter ended September 2014. Net sales grew 9% to Rs 46.05 crore on yoy basis.
The stock opened at Rs 371 and hit a low of Rs 361 before the announcements on NSE. The counter has seen huge trading volumes with a combined 3.02 million shares changed hands against an average sub one million shares that were traded daily in past two weeks on NSE and BSE.
