It is pertinent to note that Sensex surged 591.69 points (or 0.73%) to close at 81,973.05 today. Meanwhile, Nifty gained 0.66% to end the trade at 25,127.95
The stock is currently up about 15% on the BSE from its listing price
As many as 13.5 Lakh shares were traded today and the company’s market capitalisation stood at INR 37,277 Cr (around $4.4 Bn) at the end of the day
Shares of FirstCry’s parent Brainbees Solutions surged as much as 5.8% during the intraday trading on the BSE on Monday (October 11) to reach INR 723.10.
It is pertinent to note that Sensex surged 591.69 points (or 0.73%) to close at 81,973.05 today. Meanwhile, Nifty gained 0.66% to end the trade at 25,127.95.
Shares of FirstCry
shed some of the gains later in the day to end today’s trading session 5.1% higher at INR 718.
As many as 13.5 Lakh shares were traded today and the company’s market capitalisation stood at INR 37,277 Cr (around $4.4 Bn) at the end of the day.
The company made a stellar debut on Dalal Street in August, with its shares listing at a 40% premium over its issue price. The stock debuted at INR 651 apiece on the NSE and 625 per share on the BSE as against the issue price of INR 465.
The stock is currently up about 15% on the BSE from its listing price. It has been on an upward trajectory for six consecutive sessions now.
Last month, brokerage Morgan Stanley initiated its coverage on Brainbees with an ‘overweight’ rating and gave a price target of INR 818 per share. Despite the stock’s strong performance since its listing, Morgan Stanley believes current valuations indicate further upside.
Meanwhile, BofA Securities also initiated coverage on Brainbees with a ‘buy’ rating and a price target of INR 770 apiece. It believes Brainbees is competitively well positioned in a rational mother-baby-kids market and has been improving fundamentals in all businesses.
BofA Securities said that Brainbees’ flagship brand FirsCry is a niche vertical online commerce platform that offers private labels and offline stores, with a presence in the Middle East. It further pointed out that Firstcry is well placed for sustained growth as India remains one of the few large economies that has a higher birth rate compared to countries such as China and the US.
FirstCry trimmed its consolidated net loss by 31% to INR 75.68 Cr in the first quarter of the financial year 2024-25 (Q1 FY25) from INR 110.42 Cr in the year-ago period. Operating revenue grew 10% to INR 1,652.07 Cr during the quarter under review from INR 1,496.93 Cr in Q1 FY24.
