 "Emami climbs on acquisition plans")
Shares of Emami have gained more than 3% to Rs 1,105 on the National Stock Exchange (NSE) in the early morning trades after the FMCG major declared that has plans to acquire the hair and scalp care brand Kesh King from SBS Biotech, a Himachal Pradesh company, worth Rs 1,651 crore.
The Kolkatta based firm will purchase the entire Kesh King portfolio such as shampoos, conditioners, capsules and hair oil.
“This acquisition is a part of our aggressive growth strategy and marks our foray into the Ayurvedic Hair and Scalp care segment,” said Harsha V Agarwal, Director of Emami, in a statement to BSE.
The stock opened at Rs 1,084 and touched a high of Rs 1,114 on the NSE. At 9.35 AM, a total of 42,121 shares changed hands on the counter on the NSE and BSE.