Bajaj Electricals share price edged higher by over 2 percent intraday on March 23 after the company renewed trade licensing agreement with Morphy Richards for 15 years.
At 11:33am, Bajaj Electricals was trading at Rs 1,062.45, up Rs 24.05, or 2.32 percent, on the NSE. It has touched an intraday high of Rs 1,077.00 and an intraday low of Rs 1,034.55.
Bajaj Electricals, a consumer appliances brand, has extended its trademark agreement with the UK-based Morphy Richards Limited (part of the Irish headquartered electrical appliances group Glen Dimplex), for usage of the Morphy Richards trademark for a further 15 years with effect from July 1, 2022.
The extension of the exclusive licence 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), the company said in a BSE filing.
"BEL has been exclusively offering this international brand to Indian consumers since April 2002 and has established it well in the premium home appliances segment. With the license renewal, the company will be able to further strengthen its multi-brand offerings and position in the Indian and neighbouring territories," it said."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," said Anuj Poddar, Executive Director at Bajaj Electricals.