A day after Nykaa slumped to hit a new 52-week low of ₹120.70, the stock is making a strong comeback on Tuesday.
The omnichannel retailer bounced back in the late hours of trading somewhat on Monday to close at ₹124.75 and opened today at ₹125.50.
The Beauty and Fashion retailer jumped over 7.5% to reach Tuesday’s intra-day high of ₹135. This comes as FSN E-Commerce Ventures — Nykaa's parent company — announced the appointment of its new chief financial officer P Ganesh.
Ganesh brings an industry experience of over two decades to the company and will join Nykaa on Feb. 3.
Analysts have remained hopeful about the stock, as projections for its third-quarter numbers remain highly positive. Brokerage firm Kotak Institutional Equities estimates Nykaa to post a 39% year-over-year growth in the third quarter.
The firm believes that the growth will be driven by festive season sales. Nykaa had recorded eight lakh orders on the first day of its Pink Friday sale in November 2022, a 40% increase from the previous year's numbers.
Price Action: Nykaa shares were trading up over 6.5% at ₹133.15 in the afternoon hours of trading on Tuesday.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.