The company has been procuring products from manufacturers and/or importing from any other country for marketing the same in India under the agreement since April 2002.
Shares of Bajaj Electricals soared over 4 percent intraday on Tuesday as investors cheered the company’s decision to renew its licence to use ‘Morphy Richards’ trademark for five years.
“The company has as entered into a trademark licence agreement with Morphy Richards of United Kingdom to renew the exclusive license for use of trademark ‘Morphy Richards’ by the company in relation to the products procured from the manufacturers and/or imported from any other country for marketing the same in India and other countries, for a further period of five (5) years from April 25, 2017, on payment of royalty,” the company informed in a notification to the exchanges.
The company has been procuring products from manufacturers and/or importing from any other country for marketing the same in India under the agreement since April 2002. “With the renewal of license, the company would be able to leverage its brand positioning in Indian markets as well as SAARC countries to further consolidate and gain a considerable market share,” the statement in the filing added.
Earlier this month, the company reported a decline of 17.47 percent in standalone net profit at Rs 29.71 crore for the quarter ended on December 31, 2016, on account of fall in sales of consumer products. Its total income during the quarter under review was also down 7.05 percent to Rs 1,055.09 crore as against Rs 1,135.17 crore of the corresponding quarter of last fiscal.
The stock has seen strong movements in the past one month, with a rise of over 14 percent. In the past one week, the stock rose nearly seven percent.
At 12:20 hrs, Bajaj Electricals was quoting at Rs 260.10, up Rs 1.45, or 0.56 percent on the BSE. It has touched an intraday high of Rs 270 and an intraday low of Rs 257.The Great Diwali Discount!
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First Published on Feb 21, 2017 12:43 pm