Nykaa’s stock exhibited a robust performance on November 20, witnessing a rise of 4.14% to reach ₹176 on NSE, maintaining the positive momentum from the previous week. However, the closing price on Monday settled at ₹172.85, a slight increase from the Friday close of ₹167.65 per share.
The beauty and fashion e-commerce platform experienced a noteworthy 11% intraday surge to ₹170 per share on Friday, reaching an 11-month high. This upward trend is attributed to a resurgence in the fashion business, positively influencing investor sentiment following slower growth in Nykaa’s BPC segment.
Over the past two weeks, Nykaa shares have displayed impressive growth, surging over 19% since the release of its September quarter results. In Q2 of fiscal year 2024, the company reported a substantial 50% YoY increase in net profit, reaching ₹7.8 crore. The total gross merchandise value (GMV) also saw a noteworthy 25% YoY growth, amounting to ₹2,943.5 crore.
During the quarter, the fashion vertical outpaced the growth of the BPC segment, contributing to the overall positive outlook for the company. In 2023, Nykaa’s stock has demonstrated a growth of approximately 12%, slightly outperforming the Nifty 50 benchmark, which has witnessed an 8% rise.
Nykaa’s parent company, FSN E-Commerce Ventures Ltd, also experienced an 8% surge to hit an 11-month high on Friday. Despite the stock recovering all previous losses and entering positive territory for 2023, it still trails behind its adjusted IPO price of ₹187. With gains in three of the last four trading sessions and a remarkable 11% surge in the past week, Nykaa’s stock has demonstrated resilience, recording gains in 10 out of the 13 trading sessions in November.
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