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The company, which recently made its debut on the stock market, initially saw its share price increase by 2%. However, it soon faced a decline due to overstocking issues. In an interesting turn, Honasa Consumer reported a significant profit increase of 94% in its second-quarter financial report for FY24, sparking a brief recovery in its stock price. The positive earnings report, along with a BUY rating from Jefferies and an anticipated growth rate of 27%, provided temporary support to the stock before it eventually closed yesterday at ₹383.50, marking a 4.04% decrease.
Today’s trading session began with volatility for Honasa Consumer’s shares. The stock surged to an early high with a gain of 5.70%, only to reverse to a drop of 1.24% by mid-morning IST. This fluctuation is attributed to the market reacting to Fireside Ventures reportedly selling its shares at reduced prices.
The trading volumes for Honasa Consumer spiked, exceeding double the average monthly figures, highlighting the market’s response to the news of Fireside Ventures’ block deal. Previously, as of November 3, Fireside held over seven percent in the company known by its ticker HONA.
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