10:1 stock split & FIIs bought 1,73,163 shares: Multibagger penny stock under Rs 50 jumps 189 per cent from 52-week low; Keep under the radar!
From Rs 17.26 (52-week low) to Rs 49.90 per share, the stock gave multibagger returns of 189 per cent.
Today, shares of Nandan Denims Ltd jumped 7.2 per cent to Rs 49.90 per share from its previous closing of Rs 46.55. The stock’s 52-week high is Rs 57.95 and its 52-week low is Rs 17.26.
Nandan Denim Ltd (NDL), a cornerstone of the Chiripal Group since its inception in 1994, has evolved from a textile trading enterprise into a global denim powerhouse. Today, it stands as India's premier and the world's fourth-largest denim manufacturer, catering to a vast customer base across 27 countries and major Indian retailers. NDL's expansive product range, encompassing over 2,000 annual denim variations, shirting fabrics, and sustainable organic cotton yarn, is complemented by a robust in-house R&D department dedicated to driving textile innovation.
Nandan Denim Ltd (NDL) has announced a 10-for-1 stock split. This means each existing Rs. 10 share will be divided into ten new Re. 1 shares. The specific date for determining shareholders eligible for the split (record date) will be announced by the company soon.
Nandan Denim Ltd (NDL) saw a slight decline in annual net sales from Rs 2,026.76 crore in FY23 to Rs 2,010.09 crore in FY24. However, the company experienced a remarkable turnaround in profitability. Net profit surged by a staggering 8,385 per cent to Rs 44.97 crore in FY24 from a mere Rs 0.53 crore in the previous year. This upward trend continued into the final quarter, with net sales climbing 26.7 per cent to Rs 579.12 crore and net profit soaring 881.1 per cent to Rs 27.11 crore compared to the same period last year.
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Nandan Denims has a market cap of over Rs 700 crore. As of June 2024, the maximum share is owned by the promoter of the company (58.46 per cent). In June 2024, FIIs bought 1,73,163 shares and increased their stake to 0.60 per cent compared to 0.48 per cent in March 2024. The shares of the company have a PE of 16.2x whereas the industry PE is 32x. From Rs 17.26 (52-week low) to Rs 49.90 per share, the stock gave multibagger returns of 189 per cent. Investors should keep an eye on this textile stock under the radar.
Disclaimer: The article is for informational purposes only and not investment advice.
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