The Mandhana Retail Ventures Ltd. (MRVL), a listed company that has a tie-up with Hindi film actor Salman Khan, saw its share price rise sharply on Wednesday on the BSE after the actor's acquittal in an arms case by the Jodhpur court. The MRVL stock rose as much as 6.97 percent to hit intraday high of Rs 214.95 and was trading at Rs 207, up 3.11 percent at around 12.26 pm.
Read: Salman Khan Arms Act case: Jodhpur court acquits Bigg Boss 10 host
When the MRVL stock was listed on December 14, 2016, there was an almost 18 percent increase.
MRV entered into an agreement with The Salman Khan Foundation in August this year to "design, manufacture, retail and distribute men's wear, women's wear and accessories under 'Being Human' trademark," according to Mandhana Industries Limited's annual report for 2015-16.
The agreement between the Foundation and Mandhana Industries was from 2010 till August 24, 2016.
MRVL sells the celebrity-endorsed clothes through its outlets spread across the country, according to the company's website.
"As on September 30, 2016, our Company distributes Being Human Clothing through 537 retail selling points. Our distribution network comprises of 28 company owned exclusive brand outlet, 29 franchisee owned exclusive brand outlet including four overseas stores, 253 point of sales in domestic shop-in-shops forming part of large format stores (LFS) and multi brand outlet (MBOs), 12 distribution partners catering to 220 retailers and 7 online e-commerce selling points. Further, our Company also sells in international markets."
MRVL was incorporated in February 2011 and acquired some of the businesses of Mandhana Industries Ltd. by way of a demerger.
MRVL earned net profit of Rs 21 crore on sales of Rs 218 crore in the financial year 2015-16.
