FIIs Bought 1,73,163 Shares: Multibagger Penny Stock Under Rs 70 Hit All-Time High As Board Announces Record Date For 10:1 Stock Split

From Rs 20.45 (52-week low) to Rs 62.88 per share, the stock gave multibagger returns of over 200 per cent.

Today, shares of Nandan Denims Ltd gained 6.13 per cent to an all-time high of Rs 62.88 per share from its previous closing of Rs 59.25. The stock also made a 52-week high of Rs 62.88 and its 52-week low is Rs 20.45.

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 Board fixed the record date for the stock split as 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.

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 900 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 20.45 (52-week low) to Rs 62.88 per share, the stock gave multibagger returns of over 200 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.