Mumbai: Shares of Knitwear maker Rupa & Co have soared 20% to hit its upper circuit limit after the firm said its subsidiary Oban Fashions has acquired the exclusive licence for manufacturing and sale of apparel brand 'FCUK' in India.
Rupa & Co's stock hit the upper circuit limit of 329.40 on BSE , a jump of 20% over the previous close.
On NSE, the firm soared by 20% to touch the upper circuit limit at 328.90.
Oban Fashions, a wholly-owned subsidiary of the company in April 7, 2016, entered into a definitive license agreement with French Connection Limited, Rupa & Co said in a BSE filing.
Under the pact, Oban Fashions will have the rights to develop, manufacture, market and sell the innerwear and related products with the brand name 'FCUK' in India, it added.
According to information available on the website of French Connection (FCUK), the company, which entered India in 2008, has opened 55,000 sq ft of retail space over 240 points of sale across 53 cities.