December 10, 2023
Nykaa’s Stock Soars: A Snapshot of Recent Performance
Stock Markets Finance

Nykaa’s Stock Soars: A Snapshot of Recent Performance

Nykaa's Stock Soars: A Snapshot of Recent Performance

Nykaa’s Stock Soars: A Snapshot of Recent Performance

Nykaa, a prominent name in beauty and fashion e-commerce, experienced a notable surge in its share price, rallying over 4.14% on November 20 to ₹176 per share on the National Stock Exchange (NSE). This uptick in stock price marks a continuation of the gaining streak from last week, although the stock closed slightly lower at ₹172.85 on Monday, compared to its previous close at ₹167.65 on Friday.

Impressive Rally and Investor Sentiment

The shares of Nykaa had seen a significant jump of nearly 11% to ₹170 per piece during Friday’s intraday session, reaching an 11-month high. This rise in stock price came after a period of slow growth in the Beauty and Personal Care (BPC) segment of the company. However, a resurgence in the fashion business segment positively influenced investor sentiment, contributing to the stock’s recent rally.

Strong Quarterly Results Driving Growth

The positive momentum in Nykaa’s shares can be attributed to its impressive financial results for the September quarter. The company reported a 50% year-on-year increase in net profit, amounting to ₹7.8 crore. Furthermore, the total gross merchandise value (GMV) saw a 25% YoY growth, reaching ₹2,943.5 crore. Notably, the fashion vertical showed remarkable performance, outpacing the growth of the BPC segment.

2023 Stock Performance and Comparison with Nifty 50

So far in 2023, Nykaa’s stock has experienced growth of approximately 12%, slightly outperforming the Nifty 50 benchmark, which has seen an 8% rise. Nykaa’s parent company, FSN E-Commerce Ventures Ltd, also saw a surge of more than 8%, hitting its 11-month high on Friday. This rally not only helped the stock to enter positive territory for the year, but also demonstrated its resilience in the market.

Stock Momentum and Future Prospects

Despite the recent gains, Nykaa’s stock is still trailing behind its adjusted IPO price of ₹187. However, the stock’s recent performance has been impressive, with gains in three of the last four trading sessions and an 11% surge over the past week. In November, the stock recorded gains in 10 out of 13 trading sessions, indicating strong investor confidence and potential for future growth.

    VoM News Desk

    VoM News is an online web portal in jammu Kashmir offers regional, National & global news.

      Leave a Reply

      Your email address will not be published. Required fields are marked *

      From Karnataka to California: Meet the Woman Treating Americans to the Great Indian Thali At 60, I Started My Dream Restaurant & Now People Wait For My Parsi Food In Pics: 10 Mindblowing Photography Techniques From 19th Century You Can Still Use Dev Anand’s Legacy In Pics & 8 Lesser Known Stories From His Glamorous Life ‘My Pet Can Eat My Plate’: Brothers Use Waste From Rice Farming to Make Tableware