India's Nykaa over one-year high on bets of strong Q3 sales growth

Fsn E-Commerce Ventures

09/01/2024 06:30

** Shares of FSN E-Commerce Ventures  FSNE.NS  extend gains
to rise as much as 8.3% to 191.6 rupees, highest level since Nov
21, 2022
    ** Parent of cosmetics-to-fashion retailer Nykaa forecast
strong Q3 sales growth on Sunday
    ** HSBC says Nykaa is well positioned for profitability and
sustainable exponential growth, with its scale and leadership
situated to capture long-term value in beauty and personal care
    ** Brokerage hikes target price to a street high of 250
rupees from 240 rupees, implying a 41.3% upside to stock's last
close    
    ** Net sales value growth in fashion vertical remained
strong despite a relatively weaker festive demand, HSBC adds
    ** Expects Nykaa's revenue to double every two-three years
in the next five years.
    ** Average analyst rating at "buy;" median PT is 175.50
rupees - LSEG data
         

 (Reporting by Anisha Ajith)
 ((anisha.ajith@thomsonreuters.com))