Hanung Toys and Textiles is trading higher by 3% at Rs 217 after the company acquired a controlling stake in the US-based Cody Direct Corp. However, the company did not disclose the financial details of the deal.

"We wish to inform all our stakeholders that the company has acquired a controlling stake in Cody Direct Corp, a company incorporated under the US laws and deals in marketing and distribution of home furnishings," the company said in a filing to the Bombay Stock Exchange (BSE). The acquisition would enable the company to service the US customers directly and would also help to improve its earnings. The business of Cody Direct shall be handled by the US firm's President Vincent DeRosa, it says.

The stock of Hanung Toys opened at Rs 211 and touched a high of Rs 218 on the NSE. A combined 257,553 shares have changed hands on the counter on both the exchanges.