Nykaa Block Deal: Who’s Selling?

In the latest buzz, all eyes are on businessman Harindarpal Singh Banga and his wife, Indra Banga, as the likely sellers in a significant Nykaa block deal. According to sources, the Bangas plan to offload 4.09 crore shares at a floor price of ₹198 each, marking a 5.9% discount from Thursday’s closing price of ₹210.

Harindarpal Banga, an early backer of Nykaa and founder of The Caravel Group, held a 6.4% stake in the fashion and beauty giant, founded by Indian billionaire Falguni Nayar. The Caravel Group is a global conglomerate with a focus on resources trading, maritime services, and asset management.

Nykaa’s Market Performance:

Nykaa’s shares have surged 27% this year, significantly outpacing the benchmark Sensex’s 12% rise. Over the past year, the stock has delivered a remarkable 62% return, according to BSE Analytics.

Q1 FY25 Financials:

Nykaa reported a consolidated net profit of ₹13.64 crore for Q1 FY25, a staggering 152% jump from ₹5.42 crore in the same quarter last year. The company’s revenue also saw a 23% increase, reaching ₹1,746.11 crore, compared to ₹1,421.82 crore in Q1 FY24. Sequentially, Nykaa’s profit after tax grew by 50%, and revenue from operations rose by 4.6% over the previous quarter.

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The market is keenly watching how this block deal will impact Nykaa’s stock in the days to come.