Mamaearth parent Honasa Consumer shares climb as Jefferies sees 46% potential upside

Shares of Mamaearth parent company Honasa Consumer rallied for the second consecutive session in trade on April 23 as global brokerage Jefferies maintained 'buy' on the stock with a target of Rs 590, a strong potential upside of 46 per cent. At the day's high, the stock after climbing 4 per cent hit levels of Rs 420.35 per share on the BSE.

After a boost in the pre-opening trade, shares of the company.

The company's skincare brand Derna Co. has reportedly achieved a key milestone of Rs 500 crore annual revenue rate (ARR) which is commendable. 

Active ingredient-based products are seeing strong traction in India & Honasa spotted the trend ahead of peers, noted the brokerage. 

It now leads with a bouquet of products across key brands, Jefferies further added. The brokerage also accolades the management focus  & agility along with a growth mindset where growth is prioritized over profitability.