Suditi Industries shares surged 16 percent intraday on Wednesday after the company executed the retail product license agreement with US-based NBA Properties, Inc.
“….signed agreement for commercial use of NBA’s logos, symbols, designations, emblems, color, combinations, design and all such identifications, labels, insignia, indicia, or trade dress thereof, collectively called NBA marks of the National Basket Ball Association (NBA) USA and its member teams,” the textile company said.
Accordingly the company is entitled to use the logos/emblems/symbols of the NBA on the apparels/garments manufactured by itself.
“The company can manufacture apparels/garments as stated above and sell them in the domestic market (Indian Market) and the contract is valid up to December 31, 2023,” Suditi Industries said.
Suditi Industries, founded in 1991 as a processing plant, works in knitting, dyeing, printing, finishing and garmenting segments.
At 12:38 hours IST, the stock was quoting at Rs 42.40, up Rs 4.55, or 12.02 percent on the BSE.