Shares of Bajaj Electricals Limited (BEL) jumped 3.72 per cent to hit an intraday high of Rs 1077 on BSE after the company extended its trademark agreement with United Kingdom-based Morphy Richards Limited, for the usage of the Morphy Richards trademark for a further fifteen years with effect from 1st July, 2022.
The stock ended 2.09 per cent higher at Rs 1,060.15 against the previous close of Rs 1,038.40. Market cap of the firm rose to Rs 12,171.99 crore.
The extension of the exclusive license will enable BEL to continue using the trademark Morphy Richards for producing, marketing and selling the home appliances in India and neighbouring territories (Nepal, Bhutan, Bangladesh, Maldives and Sri Lanka).
With the license renewal, the company will be able to further strengthen its multi-brand offerings and position in the Indian and neighbouring territories.
Speaking about the trademark license extension, Mr Anuj Poddar, Executive Director, Bajaj Electricals Ltd. said, "We value our long-standing relationship with the Glen Dimplex group. Since 2002, we have offered the exclusive Morphy Richards product range to discerning Indian consumers to make their everyday lives easier and more joyful. We are proud to have made it the most successful international brand offering in its category in India.
"As a mark of our mutual commitment, the agreement is being extended for 15 years for the first time. This will allow us to plan and grow the Morphy Richards business with a long-term view, thereby enabling superior value creation," Poddar added.
Mr Fergal Naughton, Executive Chairman, Glen Dimplex, said, "We are delighted to have agreed on an extension of our long-standing licensing agreement for Morphy Richards in India for a significant 15-year term; which indicates our commitment to and trust in our partner Bajaj Electricals. We value Bajaj Electricals'
dedication to growing the brand in India and are excited by the opportunities presented by this fast-growing market. We look forward to working with Bajaj Electricals over the years to come to offer innovative products for Indian homes which are designed for life and built to last."
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today