Nykaa share price rises over 4% today, gains over 19% in last two weeks

livemint.com:

₹176 apiece on NSE, keeping up the last week’s gaining streak. However, Nykaa stock closed at ₹172.85 on Monday, against previous close at ₹167.65 per share on Friday. The shares of beauty and fashion ecommerce platform had jumped nearly 11% to ₹170 per piece during Friday’s intraday session, hitting 11-month high.

The surge in Nykaa stock could be seen after the BPC segment of the company experienced slow growth, but investor sentiment became favorable for the stock due to a resurgence in the fashion business. The shares have gained over 19% in the last two weeks since it released its results for the September quarter, according to reports. In the second quarter of fiscal year 2024, Nykaa reported a 50% year-on-year surge in net profit, reaching ₹7.8 crore.

Additionally, the total gross merchandise value (GMV) witnessed a 25% YoY growth, reaching ₹2,943.5 crore. In the quarter, the company witnessed a 25% year-over-year surge in its total gross merchandise value (GMV), reaching ₹2,943.5 crore. Notably, the fashion vertical outpaced the growth of the BPC segment.

So far in 2023, the stock has experienced a growth of approximately 12%, slightly surpassing the Nifty 50 benchmark, which has seen a rise of around 8%. On the other hand, Nykaa’s parent company FSN E-Commerce Ventures Ltd, surged more than 8% to hit its 11-month high on Friday. Friday's rally not only propelled the stock into positive territory for 2023 by recouping all previous losses but also showcased its resilience.

Nevertheless, the stock continues to lag behind its adjusted IPO price of ₹187. With gains in three of the last four trading sessions, the stock has surged by 11% over the past week. Impressively, it has recorded gains in 10 out of the 13