Nykaa shares jumped nearly 4 percent to trade at Rs 182.30 per share on February 1. The stock's volumes were trading nearly three times their 10-day average, suggesting an increased investor interest. Swiggy and Zomato stocks meanwhile extended gains as consumption sector continues to remain in green after Union Budget 2025-2026.
Finance Minister Sitharaman on February 1 announced changes to the existing income tax slabs under the new tax regime, effectively hiking tax rebate limit to Rs 12.75 lakh per annum. The Finance Minister also raised the basic exemption limit under the new tax regime from Rs 3 lakh to Rs 4 lakh.
Market experts believe the additional money accumulating in the hands of the taxpayers due to the change will effectively boost consumption. Consumption stocks had surged on February 1 after the announcement. The new-age stocks in the sector were no exception.
Also read: Raamdeo Agrawal says Budget a boost for consumption names like Zomato, others
Nykaa-parent FSN E-Commerce Ventures shares are currently trading nearly 30 percent higher than the 52-week-low record of Rs 139.95 per share. The stock, however, is 21 percent lower than its 52-week-high record of Rs 229.90 per share. At 12.02 pm, nearly 1.8 crore shares were exchanging hands on the stock exchanges, over 3 times its 10-day average.
Food delivery and quick commerce rivals Swiggy and Zomato had also seen a surge in stock prices after the Budget on February 1. Swiggy shares had closed 4.65 percent higher Rs 433 apiece. The shares of Zomato on BSE closed 7 percent higher at Rs 236 apiece as against day's low of Rs 215.6 apiece. The stocks extended gains on February 3. Swiggy shares were up nearly 4 percent to trade at Rs 451.70 per share, while those of Zomato were up 1.19 percent at Rs 238.95 apiece.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
