Shares of Kaya Ltd, which is also backed by Porinju Veliyath, hit an upper circuit during the trading session on Thursday after the company announced its collaboration with Marico to scale up play in advanced science backed personal care. The company informed about the same through an exchange filing on Wednesday.
Kaya, a dermatological solutions provider, announced that it will partner with one of India’s leading FMCG companies Marico Ltd for exclusively handling sales and marketing of Kaya’s range of more than 75 efficacious science-based personal care products outside of Kaya’s clinics, said the company in an exchange filing.
"This 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," it said.
Following the announcement, shares of Kaya Ltd hit an upper circuit of 10 per cent to Rs 501.45 on Thursday, commanding a total market capitalization of more than Rs 665.10 crore. The stock had settled at Rs 455.90 in the previous trading session on Wednesday.
Shares of Kaya Ltd have surged more than 55 per cent in the last one year, while the stock has rallied nearly 90 per cent from its 52-week low at Rs 267.15. The stock is surprisingly 75 per cent in the last one period and has gained about 50 per cent in 2024 so far.
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 some of the leading E-Commerce marketplaces and over 70 Kaya Skin Clincs across India, the filing added.
Seasoned investors and smallcap czar Porinju Veliyath's fund Equity Intelligence India owned 2,20,000 equity shares, or 1.68 per cent stake in Kaya as of March 31, 2024. The company is yet to announced its June quarter shareholding. His stake in the company is worth Rs 11.03 crore as of Thursday's price.