India, Feb. 11 -- Shares of Nykaa jumped over 3% to reach an intraday peak of INR 175 apiece on the BSE today (February 11) after brokerages cheered the omnichannel beauty retailer following its strong Q3 performance.

JM Financial retained its 'BUY' call on the stock with a target price (TP) of INR 240, citing the company's ability to deliver robust growth in a tepid demand environment. This implies that the brokerage sees an upside potential of 42% from the stock's previous close.

The Falguni Nayar-led company reported a 51% year-on-year jump in its consolidated net profit at INR 26.4 Cr in the December quarter of the fiscal year 2024-25 as compared to INR 17.5 Cr in the year-ago quarter. Sequentially, Nykaa's profit zoomed 104% from I...