10:1 stock split: Multibagger penny stock under Rs 10 hit the upper circuit and 52-week high after hitting the lower circuit on September 23
Interestingly, the stock traded near the lower circuit of Rs 6.18 per share until 1 pm.
Nandan Denims Ltd.’s shares surged today, hitting a 5 per cent upper circuit to an all-time high of Rs 6.82 per share. This marks a significant increase from the previous closing price of Rs 6.50. The stock's 52-week high also coincides with today's peak at Rs 6.82, while its 52-week low was at Rs 2.05. Interestingly, the stock traded near the lower circuit of Rs 6.18 per share until 1 pm. However, between 1 pm and 3:30 pm, it experienced a remarkable surge, hitting the upper circuit and 52-week high with a four-fold increase in volume.
Recently, 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 ex-date for the stock split was Thursday, September 19, 2024.
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.
DSIJ's ‘Penny Pick’ service provides research-backed penny stock recommendations below Rs. 100. If this interests you, do download the service details here.
According to Quarterly Results, the total income increased by 30 per cent to Rs 723.86 crore and net profit skyrocketed by 405 per cent to Rs 11.31 crore in Q1FY25 compared to Q1FY24. In its annual results, the company reported net sales of Rs 2,010.1 crore in FY24 compared to Rs 2,026.8 crore in FY23 while net profit increased by 8,385 per cent to Rs 45 crore compared to Rs 0.53 crore in FY23.
Nandan Denims has a market cap of Rs 982 crore. As of June 2024, the maximum share is owned by the company's promoter (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 13.5x whereas the industry PE is 30x. From Rs 2.05 (52-week low) to Rs 6.82 per share, the stock gave multibagger returns of 233 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.