Following the announcement that its board will meet on October 3 to discuss a first bonus issue, shares of FSN E-commerce, which trades under the Nykaa name, jumped 6% to Rs 1,340 on the BSE on Thursday.
The company’s board meeting will take place on October 3, 2022, among other things to discuss and approve the issuance of bonus shares to equity shareholders of the company and seek shareholders’ approval via postal ballot and such other approval(s), for the same, Nykaa said in an exchange filing on Wednesday after market hours.
Nykaa is in the business of producing, selling, and distributing products related to beauty, wellness, fitness, personal care, health care, skincare, and hair care through physical stores, stalls, general trade, modern trade, and other channels such as e-commerce, m-commerce, the internet, and intranet.
When compared to the 0.92 % increase in the S&P BSE Sensex at 09:19 AM, the stock was trading 4% higher at Rs1,333. However, compared to the Sensex’s 7% increase over the previous three months, Nykaa has underperformed the market, sliding as much as 7%. The stock has dropped 17% over the last six months, compared to a 1% loss in the benchmark index. On November 26, 2021, the stock reached a record high of Rs2,574. On May 12, 2022, it reached a record low of Rs1208.40.
On November 10, 2021, Nykaa made their debut on the public market. The business issued shares at a price of Rs1,125 per share in an IPO that raised Rs5,300 crore. While current inflationary pressures will have an immediate impact on consumer discretionary spending, medium- and long-term growth in the fashion and beauty & personal care industries is still solid. According to Nykaa’s FY22 annual report, consumption of beauty & personal care, wellness, and fashion is increasing due to younger customers having more discretionary income and online content-led discovery.
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