Thomas Scott announced that the marketing tie-up between the company and Oswal F.M. Hammerle Textile.

We had entered into memorandum of understanding (MoU) on Aug. 30, 2014 with Oswal F.M. Hammerle Textile (OFMH). As per the MoU, the company shall be acting as an exclusive channel partner of Oswal F.M. Hammerle Textile, for the agreed brand under the banner of FMH.

The company shall have exclusive marketing and selling rights in the OTC/retail market segment of the designs and brand finalized mutually in India and would also market the products overseas.

Shares of the company declined Rs 0.5, or 5%, to trade at Rs 9.50. The total volume of shares traded was 1,507 at the BSE (3.12 p.m., Wednesday).