Bajaj Corp stock up nearly 8% on acquisition of Nomarks brand

Aug 23 2013, 12:19 IST
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SummaryShares climb after company acquires Ozone Ayurvedics' Nomarks brands for an undisclosed amount.

Shares of Bajaj Corp Ltd today climbed nearly 8 per cent, after the company acquired Ozone Ayurvedics' Nomarks brands for an undisclosed amount.

After making a bullish opening over yesterday's closing level, shares of Bajaj Corp further jumped 7.45 per cent to Rs 257.90 on the BSE.

At the NSE, the stock zoomed 7.58 per cent to Rs 258.

With the acquisition, the company aims to strengthen its position in the personal care segment.

Commenting of the acquisition, Bajaj Corp Ltd Chairman Kushagra Nayan Bajaj said yesterday: "The acquisition of Nomarks brand is a strategic move as it enhances our presence in the personal care market and gives us an entry to the skin care category."

Bajaj has acquired the entire intangible assets of Nomarks including trademarks. Nomarks' product range includes face wash, facial cream, facial scrub and lotion.

Bajaj said it will leverage on its distribution strength to grow Nomarks brand.

Nomarks will continue to be manufactured by Ozone Ayurvedics for one year under the transition support agreement, Bajaj Corp had said.

Nomarks has more than 12 per cent market share in the Rs 342 crore anti-marks category, it added. This is the fist acquisition by Bajaj Corp.

Bajaj Corp's has several products in the haircare segment such as Bajaj Almond Drops, Bajaj Kailash Parbat and Bajaj Brahmi Amla.

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