Shares of dermatological solutions provider Kaya were locked in the 10 percent upper circuit after the announcement of a collaboration with Marico.
The FMCG major will exclusively handle sales and marketing of Kaya's 75+ efficacious science-based personal care products outside of Kaya's clinics.
The collaboration will leverage the established expertise and capabilities of both companies and unlock the untapped growth potential of the brand by enhancing its presence and accessibility across markets and channels, the company informed in a regulatory filing.
Kaya offers an extensive portfolio of dermatologist-recommended products, ranging from daily essentials to specialized solutions for acne, brightening, sun care, anti-ageing and hair care.
Kaya’s products are currently available across e-commerce marketplaces and 70+ Kaya Skin Clinics across India.
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Up to March 31, 2013, Kaya Business was conducted as subsidiaries of Marico. Following the demerger of Kaya business from Marico, the Kaya Business has been conducted by Kaya and its subsidiaries.
The Kaya business principally comprises the provision of skin care services and products under the brand name of Kaya in India and the Middle East.
Following the announcement, shares of Kaya Ltd hit an upper circuit of 10 percent to Rs 501.45 a piece, pushing the total market capitalization of the company to more than Rs 665.10 crore.
The stock had settled at Rs 455.90 in the previous trading session. The stock has surged more than 55 percent in the last one year.
Kaya shares are under stage 1 of the Short-term Additional Surveillance Measures (ASM) framework. A short-term ASM framework focuses on stocks exhibiting significant close-to-close price variations and client concentration in shorter periods, such as five to 15 trading days.
It is worth noting that veteran investor Porinju Veliyath's fund Equity Intelligence India owned 2.2 lakh equity shares, or 1.68 percent stake in Kaya as of March 31, 2024. The company is yet to announce its June quarter shareholding. Veliyath's stake in the company is worth Rs 11.03 crore as of today's price.
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