Himatsingka Seide rose 6.95% to Rs 158.50 after the company entered into a new licensing agreement with Disney to expand its global brand portfolio in the home textile space.
In a BSE filing made during market hours today, the company informed about its new licensing agreement with The Walt Disney Company for the European region.
The license will give Himatsingka the rights to design, develop, manufacture and distribute a broad range of home textile products inspired by Disney's vast archives and characters from all its franchises including Disney, Marvel, Pixar and Lucas.
As part of Disney's relaunch strategy, with a leaner and deeper partner base, Himatsingka will distribute an expansive range of licensed home textile products across Germany, United Kingdom, France, Italy, Spain, Central and Eastern Europe, the Nordics and South Africa among other countries.
The partnership with Disney, the world's largest entertainment franchise, is in line with Himatsingka's strategy to expand its global brand portfolio.
Commenting on the development, Shrikant Himatsingka, managing director & group CEO, said: "We are immensely pleased to be a part of and a partner to the Disney experience and look forward to being able to leverage our capabilities across the value chain to bring best-in-class home textile products to consumers across the European region."
Himatsingka is an integrated textile group with a global footprint. The group designs, develops, manufactures and distributes a suite of textile products.
The company's consolidated net profit declined by 88.8% to Rs 3.81 crore on a 1.5% rise in net sales to Rs 653.46 crore in Q2 FY21 over Q2 FY20.
In the past six months, the stock has zoomed 164.80% while the benchmark S&P BSE Sensex has added 33.64% during the same period.
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