From Rs 17.26 to Rs 48.50 per share in just 256 days: Heavy buying witnessed in this multibagger penny stock; Hit 52-week high today!
From Rs 17.26 to Rs 48.50 per share, the stock gave multibagger returns of 181 per cent in just 256 days.
Today, the domestic benchmark indices were trading in green, with the BSE Sensex Index up 0.62 per cent at a level of 72,400. On BSE about 2,569 shares have advances, 1,111 were declines and 131 were unchanged.
Today, one of the Top Gainers on BSE, shares of Nandan Denims Ltd, surged 11.34 per cent to Rs 48.50 per share from its previous closing of Rs 43.56. The stock also made a fresh 52-week high of Rs 48.50 while its 52-week low is Rs 17.26. The shares of the company saw a spurt in volume by more than 1.50 times on BSE.
Nandan Denim Ltd (NDL), a subsidiary of the Chiripal Group founded in 1994, has grown from textile trading to become India's largest and the world's fourth-biggest denim fabric maker. They manufacture a wide variety of fabrics including over 2,000 denim products annually, shirting with diverse options, and yarn including eco-friendly organic cotton. Supplying to over 27 countries and major Indian retailers, Nandan Denim boasts a massive production capacity and even has in-house research and development to constantly innovate and improve its textile offerings.
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According to Quarterly Results, the net sales increased by 76 per cent to Rs 462.18 crore and net profit increased by 154 per cent to Rs 7.96 crore in Q3FY24 compared to Q3FY23. The company's performance for the first 3 quarters of FY24 is strong, with net sales reaching Rs 1,430.97 crore, significantly higher than Rs 2,026.77 crore for the entire FY23. Similarly, net profit for the first 3 quarters of FY24 (Rs 17.87 crore) is much higher than FY23's Rs 1 crore.
Nandan Denims has a market cap of Rs 676 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. From Rs 17.26 to Rs 48.50 per share, the stock gave multibagger returns of 181 per cent in just 256 days. 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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