Marico shares up on Paras Pharma buy

The company said it had acquired the personal care business of Paras Pharma.

Written by Agencies | Published: February 16, 2012 12:04 pm

Shares in consumer products maker Harsh Mariwala-led Marico Ltd were trading higher a day after the company said it had acquired the personal care business of Paras Pharmaceuticals from UK’s Reckitt Benckiser.

Marico said it expected revenue of 1.5 billion rupees ($30.4 million)from the acquisition in the current fiscal year that ends March 31.

The acquisition will lessen Marico’s dependence on edible oils and hair oils by contributing 4 percent of its sales,brokerage Edelweiss Capital said in a note.

At 9.34 a.m.,shares were up 4.24 percent at 172 rupees.

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