Shares of FMCG firm Godrej Consumer Products (GCPL) today jumped more than 10 per cent on the company’s plan to acquire a majority stake in a Chilean hair colour firm.
Shares of the company surged by 10.21 per cent on the BSE even as the broader market was in the negative territory.
The shares however,pared some of the initial gains and were trading at Rs 427.50,up 6.17 per cent on the BSE.
The scrip was quoted at Rs 427.75,higher by 6.19 per cent,on the NSE at 1134 hrs.
The company on Saturday had said it will acquire 60 per cent stake in Chilean hair colour firm Cosmetica Nacional for an undisclosed amount as part of its strategy to strengthen its presence in the hair colour market in Latin American countries and further improve its penetration of its products in the region.
The company is a market leader in the hair colour segment in Chile,which is estimated to be $110 million,having volume market share of 30 per cent.
In the last couple of years,GCPL has been on an aggressive acquisition spree,buying companies in Nigeria,Indonesia,Malaysia particularly in the hair care and household insecticide space.