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Shares of textile player Donear Industries rallied as much as 18% in Tuesday's trade as the company said that the promoters of the group have acquired OCM Woolen Mills.
After opening strong at Rs 65.90 against the previous close of Rs 64.65, the scrip touched an intraday high of Rs 76.50 and a low of Rs 65.90.
Donear shares ended higher by 6.88 per cent at Rs 69.10 on the BSE.
PTI reports
The acquisition, whose size was not disclosed, would make the Donear Group the largest branded menswear fabric manufacturer, the company said in a statement.
This is the second major acquisition by Donear Group after it acquired Grasim Bhiwani Textiles from Aditya Birla Group firm Grasim Industries in July this year.
The latest deal will enable the group to provide its product range to consumers for all weather conditions and all occasions.
“No other manufacturer in India has been able to match the quality of OCM blazer and jacket of tweed fabric till date. We have charted out ambitious and aggressive plans to promote the OCM brand,” Donear Group Promoter Rajendra Agarwal said.
The deal will help the distributors of OCM, who generally witness lower sales during non-winter seasons, to sell an additional range of products.
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