Kotak Institutional Equities initiates coverage on Mamaearth parent, sees 5% upside

Kotak Institutional Equities initiated coverage on Honasa Consumer with an add rating, as the brokerage is bullish on the Mamaearth parent's "strong marketing, flair for capturing emerging trends and nimble execution". Kotak set a target price of Rs 450 per share, indicating an upside of almost 5 percent. The brokerage said that since launching its first product in 2016, Honasa Consumer has demonstrated "an enviable track record of speed and success in seeding and scaling several brands and achieving omnichannel command—all while maintaining sound financial discipline".