Mumbai: Shares of Godrej Consumer Products on Monday surged over 4% on the Bombay Stock Exchange (BSE) on the first day of trading following the company’s announcement to buy Nigeria-based personal care products brand Tura.
Shares of Godrej Consumer Products opened firm and rallied 4.22% to a high of Rs282.40 on the BSE, amid a flat broader market.
The BSE key index Sensex was quoting 0.39% down at 17,099.36 points.
Similar movement was seen on the National Stock Exchange (NSE) where Godrej Consumer gained 4.47% to Rs283.
The Indian soap and hair colour maker on Friday said that it has agreed to acquire Tura for an undisclosed amount, as part of the Godrej Consumer’s strategy to sell its products in Nigeria and other Western African countries.
Godrej Consumer, which manufacturers soaps, deodorants, hair color, among other products, has in the past few years made a couple of acquisitions to tap the South African hair care market.
It acquired two South African companies—hair color company Rapidol in 2006 and hair accessory maker Kinky in 2008.