Kaya rises and falls

Kaya Ltd, the skin care maker from the Marico had got listed on the bourses on 14th August and the stock is pretty volatile today. The stock during the early morning session had risen almost 4% to Rs.976 and since then, it slipped down and is now in the red at Rs.940. And this is after hitting an intra day low of Rs.925.

The company had announced yesterday that Kaya Middle East, DMCC, a foreign subsidiary of Kaya Limited, along with its local partner has entered into a Share Purchase Agreement dated December 07, 2015 for acquiring 75% beneficial interest in Iris Medical Centre LLC situated at Abu Dhabi.

Iris Medical Centre LLC carries out business of skincare services and operates one clinic in Abu Dhabi. It has reported revenue of AED 2.24 million as per its last financial statement for half year ended on September 30, 2015.