Nykaa Gains On Foraying Into Men's Innerwear, Athleisure
Shares of FSN E-Commerce Ventures Ltd. rose after the company announced the launch of its first underwear and athleisure brand for men, Gloot.
The underwear range starts from Rs 499 and athleisure from Rs 899, the parent of cosmetics-to-fashion retailer Nykaa said in an exchange filing on Wednesday.
Shares of Nykaa rose nearly 4% in intraday trade before closing 3.64% higher, the most in two weeks. Trading volume was slightly above the 30-day average.
Of the 15 analysts tracking the company, 10 maintain a 'buy', four suggest a 'hold' and one recommends a 'sell', according to Bloomberg data. The average of the 12-month consensus price target implies an upside of 15%.
The stock was nearly 29% higher than its IPO price of Rs 1,125 and 44% lower than the 52-week high of Rs 2,573.7 as on Nov. 26, 2021.
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