The Honasa Consumer stock, which fell 4.04 per cent in the previous session, surged 5.7 per cent to hit a high of Rs 406 on NSE. The counter saw a turnover of Rs 283.81 crore within the first few minutes.
Honasa Consumer shares closed 4.04 per cent lower at Rs 383.50 in an otherwise strong session for stocks on Monday. At the prevailing price, 61 lakh shares are worth Rs 234 crore.
The price action was supported by strong volume action as nearly 76 lakh shares traded on the NSE around 9:40 am. Brokerage house Jefferies has retained a buy rating on the stock for a target of Rs 530.
After a 20 percent jump in the previous session, shares of Mamaearth parent Honasa Consumer hit a new record high in intra-day deals on Friday on the back of strong September-quarter (Q2FY24) results and global brokerage Jefferies raising target price.
Honasa said its topline for the quarter grew 21 per cent, year-on-year (YoY), to Rs 496 crore and that like-for-like growth from continuing business stood at 24 per cent. The sales growth was aided by a 27 per cent YoY jump in volumes.