Shares of Honasa Consumer, the owner of beauty and personal care brand Mamaearth hit 20 percent upper circuit to Rs 422.5 per share on November 23 after the company reported robust Q2 financial results with the net profit doubling to Rs 30 crore. Post Q2 results, Honasa Consumer earned favourable reactions from Jefferies, which has put a ‘buy’ rating on the stock. Jefferies has set a share price target of Rs 530 on the stock, which implies 25 percent upside from current levels.