Expansion buzz lifts mandhana 3.5%

Mandhana Industries, a Mumbai-based apparel manufacturer that makes garments for brands like Tommy Hilfiger and FCUK, among others, outperformed its peers and the broader market on talk that company is in the process of acquiring a South-based spinning company to meet its growing demand for yarns.

The deal size is understood to be in range of 100-150 crore. The stock rose 3.5% to 187.9, off the day's high of 189.6 on the BSE. When contacted, Mandhana Inds joint managing director Manish Mandhana, said, "We are looking for inorganic growth opportunities though we have not identified any."

The 840-crore garment manufacturer plans to enter into direct retailing market with its own brand in the next two months for which the company will need additional supply of yarns and fabrics. Recently, the company entered into an agreement with 'Being-Human - The Salman Khan Foundation' for designing, manufacturing, marketing and distribution of the Being Human clothing range.

(Contributed by Pradeep Pandey)