Raymond stock rises over 5% on acquisition of Ansell's stake in brand KamaSutra

The Raymond stock rose on Friday after the Raymond Group bought 50 percent of its Australian JV partner Ansell's stake in JK Ansell, the manufacturer of condoms and deodorants under the KamaSutra brand, for Rs 19.30 crore

At 11:49 am, the stock was trading  5.69 percent or 42.45 points higher at 788.20 level on the BSE.

The stock hit an intraday high of   797 level on the BSE. The acuisition will pave the way for Raymond to further scale up the FMCG business.

 

Raymond CMD Gautam Hari Singhania said: "This acquisition of Ansell's 50 per cent stake gives us the full ownership of brand KamaSutra that strengthens our FMCG portfolio." KamaSutra is a 25-year old brand, which is also present in the deodorant category as KS Deos.

 

Raymond is the manufacturer, marketer and retailer of suiting fabrics and ready to wear apparel.