Bajaj Corp shares on Friday climbed nearly 8 per cent after the company acquired Ozone Ayurvedics' Nomarks brands for an undisclosed amount.
Bajaj has acquired the entire intangible assets of Nomarks, including trademarks. Nomarks' product range includes face wash, facial cream, facial scrub and lotion.
The company said it will leverage on its distribution strength to grow Nomarks brand.
With the acquisition, Bajaj aims to strengthen its position in the personal care segment. The company has several products in the haircare segment such as Bajaj Almond Drops, Bajaj Kailash Parbat and Bajaj Brahmi Amla.
Commenting of the acquisition, Bajaj Corp Chairman Kushagra Nayan Bajaj had said: "The acquisition of Nomarks brand is a strategic move as it enhances our presence in the personal care market and gives us an entry to the skin care category."
Bajaj Corp in a statement said Nomarks has more than 12 per cent market share in the Rs 342 crore anti-marks category. It will continue to be manufactured by Ozone Ayurvedics for one year under the transition support agreement.
After making a bullish opening over Thursday's closing level, shares of Bajaj Corp on Friday further jumped 7.45 per cent to Rs 257.90. At the National Stock Exchange, the stock zoomed 7.58 per cent to Rs 258.
With inputs from PTI