Marico Kaya up 5% for fifth day in a row

Since listing on July 2, the stock has rallied over 27% from Rs 226 compared to 0.63% rise in S&P BSE Sensex.

Marico Kaya Enterprises (MaKE) is locked in upper circuit for fifth day in a row, up 5% at Rs 288 on the Bombay Stock Exchange (BSE).

The stock opened at Rs 283 and hit a low of Rs 277 so far. A combined 329,252 shares changed hands on the counter and there are pending buy orders for 156,839 shares on BSE and NSE.

Since listing on July 2, the stock has rallied over 27% from Rs 226 compared to 0.63% rise in benchmark S&P BSE Sensex.

Marico Kaya is a holding company of Kaya Ltd, which currently owns and operates 86 Kaya Skin Clinics in 26 cities in India.

Commenting on the listing announcement Mr. Harsh Mariwala, chairman & whole-time director, MaKE, said “MaKE being listed independently reflects the beginning of a new journey for Kaya. We believe that Kaya has a distinct potential to create value as an emerging specialized skincare business. With a focused management and increased flexibility, Kaya is well poised to reach newer heights”.

In January last year, Marico had announced plans to demerge Kaya into a separate entity and list it independently on bourses as part of the company's business restructuring process.