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Shares of Lovable Lingerie Ltd vaulted 20 per cent after the company announced that it had signed a brand sub-licensing agreement with an Adidas Group company for distributing its products in India.
The company also posted a 10 per cent increase in income from operations in the quarter ended September 2014 compared to the corresponding quarter last year.
In a communication to the stock exchanges, the company said that its board of directors today disclosed that it had signed a brand sub-licensing agreement with Global Merchandising which was an overseas company of Adidas Group.
It had acquired licence of its brand for 1+2 years to produce, distribute and sell the products in the Indian market which would help expand its market operations by capitalising on the brand (value) and also enhance its reputation.
The stock finished 20 per cent or Rs 73.35 higher at ₹440.15 on the BSE.
In the Q2 of current fiscal, the company had posted total income from operations of ₹46.05 crore against ₹42.13 crore in the same quarter last year. But the net profit was marginally down at ₹4.27 crore (₹4.41 crore). EPS for the quarter was ₹2.54 (₹2.63).
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