Emami is looking pretty “fair and handsome” in this otherwise fragile market. Figuring amongst the top gainers, the stock opened higher at Rs.1085, going up to an intra day high of Rs.1117 and it is currently at Rs.1101, up Rs.34 or by almost 3.5%.

The market is reacting today to the news which it announced yesterday morning – it is planning to acquire the hair and scalp care brand, Kesh King from SBS Biotech for Rs.1651 crore. Emami will buy the entire Kesh King portfolio comprising of shampoos, conditioners, capsules and hair oil.

The company has stated this acquisition falls in line with the plans of the company to make aggressive inroads in the Ayurvedic hair and scalp care segment.

This acquisition is to be funded through a mix of surplus funds, short term and long term loans and it is expected to be completed within a month’s time.