Jyothy Laboratories' arm Jyothy Fabricare Services acquired 100% stake in Delhi-based laundry player Diamond Fabcare to enhance presence in the northern market.
Reacting to this, the shares of Jyothy Laboratories gained over 4% to touch the day's high of Rs208. Till now, over 0.42 lakh shares have traded on the BSE as against the two-week average volume of 1.12 lakh shares.
Jyothy Laboratories said the acquisition of Delhi based Diamond Fabcare will help Jyothy Fabricare Services' growth geographically and spread the reach in northern belt. The financial details were not mentioned. Commenting on the development, M P Ramachandran Chairman and Managing Director of Jyothy Laboratories said there is lot of synergy between Jyothy Fabricare Services and Diamond Fabcare. Reacting to this, the shares of Jyothy Laboratories gained over 4% to touch the day's high of Rs208. Till now, over 0.42 lakh shares have traded on the BSE as against the two-week average volume of 1.12 lakh shares.
Diamond Fabcare, a member of Dry Cleaning & Laundry Institute, USA, has 62 outlets across Delhi, Noida, Gurgaon and Gaziabad. It has significant presence in both institutional and retail segment with Wardrobe being its most popular brand. The Delhi-based laundry player has collaboration with international players for technical expertise. Diamond Fabcare's expertise and domain knowledge will help Jyothy Fabricare to further grow in the northern market, the company said.
Jyothy Fabricare Services, a 75% subsidiary of Jyothy Laboratories, provides laundry services.
• Crude Oil December and Brent Oil January series are also down over 0.5 percent each at $ 45.12 and $ 46.27 a barrel, respectively.
ReplyDelete• Natural Gas December expiry is almost unchanged at $ 2.697.
MCX Crude Oil tips