Shares of Lovable Lingerie zoomed 20 per cent today after the company announced it has entered into a pact to make and market Adidas products in the Indian market.
The company’s scrip jumped 20 per cent to Rs 440.15 — its upper circuit limit — at the BSE. On the NSE, it surged 20 per cent to Rs 440.15.
On the volume front, 7.62 lakh shares of the company changed hands at the BSE, while over 33 lakh shares were traded at the NSE during the day.
“… the Board discloses that it has entered into a Brand Sublicensing Agreement with “Global Merchandising” (an overseas company of Adidas Group) and acquired license of the its Brand for a period of 1+2 years to manufacture, distribute and sell the products in the Indian market as per terms and conditions stipulated in the agreement and thereby expand the market operations of the company by using the brand and developing its reputation,” Lovable Lingerie said in a filing to the BSE today.