Shares of FSN E-Commerce Ventures, the parent company of Nykaa, rose by 7% on Friday, reaching a high of Rs 228.30 on the BSE. The rise follows reports that investors Harindarpal Singh Banga and his wife, Indra Banga, likely sold a 1.4% stake in the company through a pre-market block deal.
Details of Today’s Stake Sale Come from Sports betting site VPbet
Approximately 4.09 crore shares, representing 1.4% of Nykaa’s equity, changed hands in this block deal. According to the term sheet issued by the bankers, the Bangas planned to sell their stake at a floor price of Rs 98 per share, which is a 5.9% discount to Thursday’s closing price of Rs 210.
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Harindarpal Singh Banga, an early investor in Nykaa, held a 6.4% stake in the company. He is also the founder of The Caravel Group, a global conglomerate involved in resources trading, maritime services, and asset management.
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Nykaa’s Recent Stock Performance
Nykaa’s shares have shown significant strength recently, rallying by 19% to a new all-time high of Rs 228.50 on the BSE on Wednesday, marking the company’s largest intraday gain since November 2022.
This surge reflects strong investor confidence, with Nykaa’s stock rising by 23% so far this year, outperforming the Nifty index, which has returned around 14% over the same period. Over the past 12 months, Nykaa’s shares have gained an impressive 60%.
Financial Performance Boosting Investor Confidence
Investor enthusiasm in Nykaa has been further bolstered by the company’s strong financial performance. For the first quarter ended June 2024, Nykaa reported a profit of Rs 13.64 crore, a 152% year-on-year increase.
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The company’s revenue from operations for the quarter stood at Rs 1,746.11 crore, up 23% from Rs 1,421.82 crore in the corresponding quarter of the previous financial year.
Continued Uptrend in Nykaa’s Stock
Nykaa’s shares have rallied 60% over the last year, with a 42.4% increase in the past six months. So far in 2024, the stock has gained 26%, reflecting ongoing investor confidence in the direct-to-consumer (D2C) online beauty retailer.
