Shares of Mandhana Industries rose 5 per cent, extending their recent gains. The stock got a boost after the textile company last week disclosed that it has finalised an agreement with actor Salman Khan's Being Human Foundation to sell products under the trademark of 'Being Human' brand.
Mandhana Industries made this announcement on Friday. Since then the stock, including today's gains, has jumped 10 per cent in two days.
Mandhana Industries in a statement said that its retail business of the company, Mandhana Retail Ventures Limited (MRVL), "is the exclusive licensee to market, distribute and sell the products under the Trade Mark of Brand 'Being Human'". Mandhana Industries has demerged its retail business under Mandhana Retail Ventures.
According to a Care Ratings report, Mandhana Industries in 2012 had launched apparels and accessories under 'Being Human' brand under license arrangement with Salman Khan's charitable trust. And Mandhana Industries booked revenues of Rs.172 crore in FY15 from the brand, the report added.
Despite the recent rally, Mandhana Industries shares are down nearly 70 per cent from its 52-week high of Rs 344.95, hit in January this year. Its non-convertible debentures and long term and short term bank facilities were downgraded by rating agency Care.
Mandhana Industries had posted a net profit of Rs 57 crore on revenue of Rs 1,646.61 crore in FY15-16. Shares of Mandhana Industries were locked in 5 per cent upper circuit today as compared to a 0.43 per cent gain in Sensex.
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