Fireside Ventures to sell stake in Honasa Consumer, stock sees early gains then drops By Investing.com

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<p>MUMBAI &#8211; In a notable move within the Indian consumer goods sector, Fireside Ventures is set to offload its stake in Honasa Consumer Pvt. Ltd., with transactions potentially reaching between ₹224 crore and ₹234 crore (INR100 crore = approx. USD12 million). The stake sale is being facilitated through block deals by Kotak Securities.</p>
<p>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.</p>
<p>Today&#8217;s trading session began with volatility for Honasa Consumer&#8217;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.</p>
<p>The trading volumes for Honasa Consumer spiked, exceeding double the average monthly figures, highlighting the market&#8217;s response to the news of Fireside Ventures&#8217; block deal. Previously, as of November 3, Fireside held over seven percent in the company known by its ticker HONA.</p>
<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&amp;C.</em></p>
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<br /><a href="https://www.investing.com/news/stock-market-news/fireside-ventures-to-sell-stake-in-honasa-consumer-stock-sees-early-gains-then-drops-93CH-3249286">Source link </a></p><p>The post <a href="https://forextraderhub.com/fireside-ventures-to-sell-stake-in-honasa-consumer-stock-sees-early-gains-then-drops-by-investing-com.html">Fireside Ventures to sell stake in Honasa Consumer, stock sees early gains then drops By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>