Shares of Lovable Lingerie surged 20 per cent in trade after the company announced it has entered a pact to make and market Adidas products in Indian market.
The company “has entered into a brand sublicensing agreement with “Global Merchandising” (an overseas company of Adidas Group) and acquired license of its brand for a period of 1+2 years to manufacture, distribute and sell the products in the Indian market,” the company said in a filing to the stock exchanges.
The company, however, is disappointed with its second quarter results. It reported a net profit of Rs 4.2 crore, down 4.5 per cent, from Rs 4.4 crore, in the corresponding quarter last fiscal.
Sales during the quarter increased to Rs 46 crore, up 9.5 per cent, from Rs 42 crore, in year ago period.