Bajaj Corp has surged over 6% at Rs 255, extending its previous day’s 3.4% gain, after the company said it has acquired Nomarks, the country's second largest anti-marks brand, from Delhi-based Ozone Ayurvedics for an undisclosed amount.
"The acquisition is a strategic move as it enhances our presence in the personal care market and gives us an entry in to the skin care category," Kushagra Bajaj, chairman of Bajaj Corp, said in a statement.
With the acquisition of these brands Bajaj Corp enters the Rs 8,500 crore large skin care category which grew by 12.1% during FY2013. Nomarks has more than 12% market share in an Rs 342 crore anti marks category which is growing at 27% per annum, it added.
The stock opened at Rs 246 and touched high of Rs 258 on NSE. A combined around 70,000 shares change hands on the counter so far on NSE and BSE.
"The acquisition is a strategic move as it enhances our presence in the personal care market and gives us an entry in to the skin care category," Kushagra Bajaj, chairman of Bajaj Corp, said in a statement.
With the acquisition of these brands Bajaj Corp enters the Rs 8,500 crore large skin care category which grew by 12.1% during FY2013. Nomarks has more than 12% market share in an Rs 342 crore anti marks category which is growing at 27% per annum, it added.
The stock opened at Rs 246 and touched high of Rs 258 on NSE. A combined around 70,000 shares change hands on the counter so far on NSE and BSE.
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