8,000 per cent jump in PAT: Multibagger penny stock under Rs 50 hit fresh 52-week high as Board to announce stock split soon!

From Rs 17.26 (52-week low) to Rs 48.51 per share, the stock gave multibagger returns of 181 per cent.

Today, shares of Nandan Denims Ltd jumped 7.77 per cent and made a fresh new 52-week high of Rs 48.51 per share from its previous closing of Rs 45.01.

The Board of Directors of Nandan Denim Ltd (NDL), is scheduled to be held on Monday, June 17, 2024, to transact the following business and other agenda Items:

• To consider and approve sub-division / split of equity shares of the company under the provisions of section 61 of the Companies Act, 2013.

Founded in 1994 as part of the Chiripal Group, Nandan Denim Ltd (NDL) has transformed from a textile trading company into a global leader in denim fabric production. Today, NDL stands as India's largest and the world's fourth-biggest denim manufacturer, boasting a massive production capacity that supplies over 27 countries and major Indian retailers. Their extensive product portfolio includes not only over 2,000 denim varieties annually but also diverse shirting options and eco-conscious organic cotton yarn. Furthermore, Nandan Denim prioritizes continuous innovation through its in-house research and development department, ensuring its textile offerings remain at the cutting edge.

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While Nandan Denim Ltd reported a slight dip in annual net sales from FY23 to FY24, going from Rs 2,026.76 crore to Rs 2,010.09 crore, profitability soared year-on-year. In FY24, net profit saw a dramatic increase of 8,385 per cent to Rs 44.97 crore, compared to just Rs 0.53 crore in FY23. This positive trend continued into Q4FY24, with net sales rising 26.7 per cent to Rs 579.12 crore and net profit experiencing a staggering 881.1 per cent growth to Rs 27.11 crore, compared to the same quarter in the previous fiscal year.

Nandan Denims has a market cap of Rs 674 crore. The maximum share is owned by the promoter of the company (64.74 per cent) and the rest is by FIIs, DIIs and the general public. The shares of the company have a PE of 13x whereas the industry PE is 29x. From Rs 17.26 (52-week low) to Rs 48.51 per share, the stock gave multibagger returns of 181 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.