Kaya gains after subsidiary completes acquisition

Kaya rose 2.29% to Rs 680 at 15:10 IST on BSE after the company said its subsidiary completed acquisition of 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah.

The announcement was made after market hours yesterday, 26 December 2016.

Meanwhile, the BSE Sensex was down 376.85 points, or 1.46%, to 26,183.95.

On the BSE, so far 52,000 shares were traded in the counter, compared with average daily volumes of 3,567 shares in the past one quarter. The stock had hit a high of Rs 682.85 and a low of Rs 657.05 so far during the day.

The stock hit a 52-week high of Rs 1,229 on 6 January 2016. The stock hit a record low of Rs 650 on 24 November 2016. The stock had underperformed the market over the past 30 days till 26 December 2016, falling 8.63% compared with the 1.94% fall in the Sensex. The scrip had also underperformed the market in past one quarter, falling 18.81% as against Sensex's 8.56% decline.

The small-cap company has equity capital of Rs 13 crore. Face value per share is Rs 10.

Kaya announced that the company is in receipt of letter dated 25 December 2016 issued by Kaya Middle East DMCC (Kaya DMCC) confirming the settlement of consideration amount for acquiring 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah. Hence, the corporate guarantee provided by the company stands cancelled on payment of the consideration amount by Kaya DMCC.

On 27 September 2016, the company had announced the corporate guarantee provided by it on behalf of Kaya DMCC, wholly-owned subsidiary of the company, for payment of AED 22.5 million by Kaya DMCC for acquiring 75% beneficial interest in Minal Medical Centre, Dubai and Minal Specialized Clinic Dermatology, Sharjah.

On a consolidated basis, net profit of Kaya rose 1.94% to Rs 2.63 crore on 15.62% rise in net sales to Rs 102.28 crore in Q2 September 2016 over Q2 September 2015.

Kaya operates a range of Kaya Skin Clinics across India and Middle East. It also has 100 plus product retail outlets called Kaya Skin Bar in India.

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