This comes as the stock completes one year of listing soon. On 10 November 2021, it made clocked 79 percent premium on listing. The issue was priced at Rs 1085 – Rs 1125, while the listing price on NSE was Rs 2,018.
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Shares of cosmetics-to-fashion retailer Nykaa opened 5 percent higher on September 29 after its parent company FSN E-Commerce Ventures informed stock exchanges that its board will be considering approving the issuance of bonus shares to investors on Monday.
At 9:45 am, the stock was trading at Rs 1,321 apiece on the National Stock Exchange.
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This comes as the stock completes one year of listing soon. On 10 November 2021, it made clocked 79 percent premium on listing. The issue was priced at Rs 1085 – Rs 1125, while the listing price on NSE was Rs 2,018.
The stock then took a beating when new-age tech shares went out of favour. It is down 44 percent till date.
In the first quarter of FY23, revenue stood at Rs 1,148.4 crore, a 41 percent growth from the same period last year. While most new-age tech companies are reporting losses, Nykaa is one of the few profitable ones, recording Rs 5 crore profit in the June quarter.
Brokerage firm JM Financial has a buy rating on the stock with September 2023 target of Rs 1,780. “The festive season having kicked off in earnest; we continue to believe that Nykaa is well positioned. The company continues to deliver topline growth, despite recent macro headwinds. Its customer base and target categories seem to be relatively resilient,” it said.
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