Arvind has witnessed a sharp rise in share prices on Friday after the company's subsidiary Arvind Lifestyle Brands has entered into an agreement with Gap, to open Gap stores in India.

Shares of the company are trading at Rs 259.60, up Rs 6.85, or 2.71% at the Bombay Stock Exchange (BSE) on Friday at 11:10 a.m.

The scrip has touched an intra-day high of Rs 261.30 and low of Rs 253.50. The total volume of shares traded at the BSE is 424,337.