** Honasa Consumer HONA.NS rises 5% to 296 rupees; eyes fourth straight session of gains

** Around 6.86 million shares traded in stock's busiest session in three months

** Mamaearth owner's Q2 consol net profit at 392.3 mln rupees ($4.5 mln) vs year-ago loss; rev from ops rises 16.5%

** Jefferies ("buy"; raises PT to 450 rupees from 400 rupees) says business on for strong growth in coming quarters

** Adds Mamaearth brand back on growth trajectory, offline strategy delivering results

** Notes Q2 offers glimpse of turnaround, with 17% volume-led growth, notable margin surprise

** Stock rated "hold" on avg; median PT is 310 rupees, per data compiled by LSEG

** YTD, HONA up ~16%

($1 = 87.8950 Indian rupees)

(Reporting by Komal Salecha)

((Komal@thomsonreuters.com;))