Shares of PDS surged up over 6% on Thursday to hit an intraday high of ₹467.05.
What Happened: The company late on Thursday announced that its UK-based vertical Poeticgem has acquired the brand intellectual property (IP) of Little Mistress. Established in 2010, Little Mistress creates a wide range of womenswear – from bridesmaid dresses to casual everyday looks.
Under the terms of this agreement, Poeticgem will have various brands under the Little Mistress. Going forward Poeticgem will also design, source and distribute the Little Mistress’s portfolio of brands worldwide.
PDS also has a similar agreement with the popular fashion brand Forever 21. The announcement has helped the stock halt its four straight session losing streak. The Mukul Agrawal-backed stock has been supercharged recently. In the past 30 days, the stock has gone up close to 40% and also hit a new 52-week high of ₹485 on Sept. 13.
Agrawal owns a 2.73% stake in the company which is worth over ₹160 crore.
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Price Action: PDS’ share price was trading 4.43% higher at ₹458.50 in early trade on Thursday.
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