Ghazal Alagh-led Honsa Consumer Ltd's shares jumped by over 12 per cent in the intraday trading session on Monday, August 26.
Honsa Gets NCLT Approval
The consumer car product company witnessed this development after the company got a nod from the National Company Law Tribunal (NCLT), Chandigarh, on an amalgamation proposal.
The Gurugram-based company is renowned for owning another personal care company, Mamaearth. |
The tribunal approved the scheme of amalgamation between the child development services company, Just4Kids Services Private Limited and the personal care company, Fusion Cosmeceutics Private Limited, along with Honasa Consumer.
The National Company Law Tribunal is a quasi-judicial entity in India that hears cases involving Indian firms.
The Gurugram-based company is renowned for owning another personal care company, Mamaearth. Mamaearth has acquired a lot of mileage over the years, with its products and sales strategy.
Apart from Mamaearth, Honsa also owns a skin and body care company, The Derma Co., and a hair product company, BBlunt.
With the recent surge at Dalal Street, the company hit an all-time high. The prices reached a 52-week high of Rs 537.90 per share.
Shares Jump by Over 50%
According to reports, the shares even crossed the 15 per cent gain mark. On Monday, at 12:32 IST, the company shares gained by 12.10 per cent or Rs 56.70, rising to Rs 525.30 a share.
The amalgamation was approved by the Honasa Consumer's Board on April 19.
In the past year, the company has doubled the value of its shares. The company shares gained 55.68 per cent of their value.
As far as the company's performance on the balance sheet is concerned, Honsa posted a net profit of Rs 40.2 crore in the first quarter of FY25. This marked a jump of 62.7 percent in its profits on a year-on-year basis.
The company’s consolidated revenue from operations jumped by 19 percent year-on-year to Rs 554.1 crore.
