Honasa Consumer up 14%:Honasa Consumer, the parent company of Mamaearth, gained as much as 14 percent intraday on Monday amid a broader market rally after the National Company Law Tribunal approved the merger of Just4Kids and Fusion Cosmeceutics with Honasa Consumer on August 22.
“In connection with the aforesaid matter, we would like to inform you that the Hon’ble Court has passed the order dated 22nd August, 2024 in relation to the Scheme of Merger as per Company Application No. 21/Chd/Hry/2024. The Hon’ble Court has, inter alia, dispensed with the holding of meetings of the Equity Shareholders, Series A Preferred Shareholders and Series A1 Preferred Shareholders of the Applicant Transferor Company,” the company informed investors in a stock exchange filing.
Just4Kids enables parents to access information about schools, sports classes, coaching institutes, events, summer camps and other extracurricular activities in the city on a single platform across Delhi, Gurgaon Noida, Faridabad and Ghaziabad.
Although registered in 2004, Fusion Cosmeceutics is primarily involved in skincare products and Varun Alagh and Ghazal Alagh act as directors of the company, according to ZubaCorp data.
Honasa Consumer, which also owns The Derma Co and BBlunt, reported a 62.7 per cent rise in net profit for the quarter ended June 2024 (Q1FY25). The company’s net profit rose to Rs 40.2 crore from Rs 24.7 crore, while its revenue from operations rose 19 per cent year-on-year. Revenue rose to Rs 554.1 crore from Rs 464.5 crore in the first quarter of the current financial year.
After debuting on November 7, the company’s stock surged 63 per cent from Rs 330 to Rs 525. So far this year, the company has delivered over 22 per cent returns to its investors.
At 1.23 pm, the company’s shares were trading 11.89 per cent or 55.80 points higher at Rs 525.00 apiece on BSE.
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