THE WHAT?  Honasa Consumer, the parent company of beauty and personal care product maker Mamaearth, saw its shares rise by 20% following a report of increased quarterly profits.

THE DETAILS  The company’s stock reached 423.75 rupees at one point in trading. For the quarter ending September 30, Honasa’s profit nearly doubled to 294.4 million rupees ($3.54 million) from the same period a year earlier. This profit boost was attributed to a 21% increase in sales volumes and improved core profit margins, which rose from 6.4% to 8.1%. Financial analysts at Jefferies have maintained a positive outlook on the company, citing its growth and profitability.

THE WHY? This rise in Honasa’s stock value follows its successful initial public offering (IPO) earlier in the month, which raised $204.3 million and was oversubscribed 7.6 times. Since the IPO, the company’s stock has increased by over 24%, indicating strong investor interest and expectations for Honasa’s future performance in the beauty and personal care market.