Shares of FSN E-Commerce Ventures Ltd, parent company of omnichannel beauty and lifestyle retailer, Nykaa, surged more than 8% to hit its 11-month high on Friday.
Friday's surge also enabled the stock to turn positive for 2023 after recovering all the losses made earlier. However, the stock is still below its adjusted IPO price of ₹187.
The stock has gained in three out of the last four trading sessions and is up 11% over the past week. It has gained in 10 out of the 13 trading sessions so far in November.
Nykaa had mentioned that its revenue rose in the second quarter despite a delay in the festive season compared to the last year. The company at an analyst concall had stated that the festive season got delayed by almost 20 days to little more than that.
The beauty and personal care gross merchandise value rose 23% compared to the year-ago period with a net sales value growth of 19% over the last year.
"Discounting has increased in this category due to proliferation of a number of home-grown brands as well as increasing number of international brands making India a priority market," Nykaa stated.
Shares of Nykaa are trading 6.1% higher at ₹162.85. The stock is now up 5% for 2023.
(Edited by : Hormaz Fatakia)
First Published: Nov 17, 2023 11:16 AM IST