Share price of Hindustan Unilever (HUL) climbed over 10% intraday on Tuesday after the FMCG major announced it plans to acquire intimate hygiene brand 'VWash' from Glenmark Pharmaceuticals.
"The deal includes the acquisition of intellectual property rights, including trademarks, design and know-how related to the VWash brand. The consideration has been split into two parts involving an upfront cash payment upon closing of the deal and a deferred consideration over the next three years," HUL said in a press release.
Following the development, shares of HUL opened with a gain of 5.52% against the previous close of Rs 1,872 on BSE. Later, Hindustan Unilever stock touched an intraday high of Rs 2,072.3, rising 10.67% on BSE.
HUL share price has risen almost 1% in the last one week and 5.5% year-to-date. HUL shares trade higher than their 5 and 200-day moving averages but lower than 20, 50 and 100-day moving averages.
Shares of HUL closed 8.34% higher at Rs 2,028 on BSE on Tuesday. At close, the M-cap of the large-cap stock stood at Rs 4,29,295 crore.