Shares of FSN e-commerce Ventures, parent company of beauty and fashion e-tailer Nykaa, surged as much as 6% on Monday, November 10, in response to its September quarter results.

Nykaa's net revenue growth was in the mid-20s for the 12th quarter in a row, while the company's gross margins were also at the highest levels in 12 quarters.

The company's EBITDA margin of 6.8% from 5.5% last year, and net profit of ₹32.98 crore, which implied a 154% growth from the same quarter last year.

Brokerage firm Morgan Stanley has maintained its "overweight" rating on the stock with a price target of ₹271. The brokerage highlighted that the company was confident of maintaining its growth momentum across both businesses.

Morgan Stanley also expects Nykaa's beauty business performance to be strong in Q

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