There was a boost for the shares of retail jewellery major Tribhovandas Bhimji Zaveri (TBZ), as they rose 4.4 percent during intraday on Monday, following the company’s signing up of a franchise agreement.

The agreement is towards setting up a retail store in Ranchi, Jharkhand. This store is TBZ’s third franchisee format since the company first entered the franchisee store format in October.

The company intends to include franchisee stores into its retail expansion portfolio and thereby operate both company-owned stores and franchise stores – a move it feels would support its retail reach extension and better its return ratios, as per reports. TBZ has a total store of 30 stores in 10 states, reports add.