Manpasand Beverages share price rallied nearly 5 per cent intraday on Thursday after the company said it has entered into a 10-year agreement with Parle for joint distribution of products pan-India. The stock, which was trading flat during the day, spiked soon after the announcement was made in the wee hours of trade.

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The stock gained as much as 4.95 per cent to Rs 150.35 on the BSE. It settled at Rs 145.85, up 1.8 per cent. 

“We are happy to announce that the Company has entered into a ten year agreement with Parle Products Private Limited for joint distribution of their products, pan‐India," said Manpasand in a filing to BSE. 

"As a part of this association, both the companies will jointly distribute their products across 4.5 million outlets and aim to achieve a significant market share in their respective categories," the company added.

Manpasand Beverages further disclosed it doesn't hold any stake in Parle, nor Parle is related to promoter/promoter Group/Group of companies in any manner.

On Wednesday, Manpasand Beverages finally announced its March quarter results for financial year 2017-18, recording strong top-line and bottom-line growth. 

Manpasand posted a net profit of Rs 42.74 crore which was higher by a massive 256.46 per cent compared to Rs 11.99 crore in the preceding quarter. The Q4FY18 profit also surged by 36.42 per cent as against net profit of Rs 31.33 crore in the corresponding period of the previous year.

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Revenue from operations stood at Rs 392.94 crore in Q4FY18, which was higher by 39.37% from Rs 281.92 crore in Q4FY17 and up by 164.73% from Rs 148.43 crore in Q3FY18. 

For entire FY18, Manpasand’s net profit grew by 37.67% yoy to Rs 99.99 crore and revenue by 34% at Rs 984.95 crore.