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Shares of beauty and lifestyle retailer Nayaka continue to rise. On November 20, its shares gained more than 5%. At the same time, it has reached its highest level in 11 months. Shares of the new-age tech company have seen a strong rally since releasing its September-quarter financial report earlier this month. Although the company’s BPC business saw slow growth, the market share is positive due to the boom in the fashion business.
4% up to Rs.174
Nykaa’s net profit in Q2FY24 rose 50% YoY to Rs. 7.8 crore has been made. Its gross merchandise value (GMV) grew by 25% year-on-year to Rs. 2943.5 crores. Today at 10.17 am, National Stock Exchange Shares of Fashion E-Commerce Ventures (operator of Nyaka) rose 4% on the NSE to Rs. was trading at 174. The stock is up nearly 12% year to date in 2023, beating the benchmark Nifty 50 is performing slightly better.
This company will produce products worth 45 thousand crore rupees, making investors rich in 5 years
Now hope for progress
With strong gains, the stock made a big bullish candle to close at its highest point of the week. With this price action the stock is decisively on heavy volume at Rs. It has broken above its ‘multiple resistance’ zone at 158 level. According to Rajesh Palvia of Axis Securities, the stock has also experienced a trend reversal as it has confirmed higher tops and bottoms indicating bullish sentiments.
After Byju’s, Unacademy, now this company has wreaked havoc, 10 dozen people have lost their jobs in one fell swoop.
Expect 200 to 220 rupees
Palvia said the stock is above its 20, 50, 100 and 200-day SMAs, confirming a bullish trend. Daily and weekly ‘Bollinger Bands’ buy signals indicate bullish momentum. Investors Rs. 200 to Rs. 220 with expected upside and Rs. 158 to Rs. This stock should be buy, hold and accumulate with the downside support zone of 147.
First choice for BPC brand
According to the analyst, the Indian market has become more attractive for beauty and personal care (BPC) brands like Nayaka, which has led to increased brand discounting in the BPC segment. Further, the high growth of Net Selling Value (NSV) shows that the company is making line-by-line efforts to reduce RTOs (return to origin), reduce returns, customer abuse and prevent leakages like PIN codes. has been successful. The company increased cart fees, improved assortment and focused on women’s and premium categories to increase sales.