Arvind shares gain 6 per cent on talks of selling apparel brands

Shares of textile major Arvind jumped 6 per cent to Rs 70 apiece on speculation the company will shortly acquire the rights to sell apparel brands Next, Nautica and Debenhams from Planet Retail in India. A top Arvind official declined to comment.

Planet Retail is owned by Ramesh Tainwala, who purchased 48.5 per cent stake in the company last year. Around 10.32 lakh Arvind shares changed hands on Tuesday against a five-day average volume of 4.3 lakh. Arvind owns value retail chain Megamart and over a dozen international and local brands such as Gant, Arrow, US Polo and Flying Machine.