Nykaa’s stock gained a good deal on Thursday. At 1:5 pm, the price of this share was up by 2.33 percent at Rs 1531. The brokerage firm has predicted a rise of more than 50 per cent in Nykaa’s stock. Nykaa has a wide range of beauty and personal care products in its portfolio. It has also forayed into clothing under the name Nykaa Fashion. Let us know what Jefferies has to say about Nayaka.
Jefferies has said that there is huge potential for online business in India. Companies across categories are showing interest in this business model. She has said that Nykaa has a leadership position in the online beauty space. Jefferies has given buy recommendation on Nykaa stock. It has given a target price of Rs 1,650 for this stock. He has also said that if the market remains bullish, this stock can go up to Rs 2,300. In the event of a fall, its price can go up to Rs 900.
The brokerage firm has said that consumer shares in India are trading at a premium. The reason for this is the potential for growth. Therefore, Nykaa is expected to continue its uptrend. However, the question remains about its correct valuation.
Nykaa’s IPO came in late October last year. The company had fixed a share price of Rs 1125 in the IPO. The stock was listed on the stock exchange on November 11. Its listing was excellent. This doubled investors’ money on the day of listing. Its listing was done at a price of Rs 2213. But, since then it has fallen by 32 per cent.
Nykaa’s founder Falguni Nayar has become India’s richest self-made woman billionaire. In this, the listing of his company in the stock market has a big hand. Nair has now joined Hurun’s Global Rich List. This list was released on Wednesday. Falguni Nair is ranked 579th in the Forbes Real-Time Billionaires List. Forbes has put his net worth at $4.9 billion.
The beauty and personal care market of India is growing rapidly. It is expected to double between 2020 and 2025. In this way the value of this market will be around Rs 2 lakh crore.
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