Back-to-back volume surge in this multibagger textile stock under Rs 50; Promoters have held a constant 64.87 per cent stake in the company for the past 6 years!
From Rs 17.26 (52-week low) to Rs 41.50 per share, the stock gave multibagger returns of 140 per cent.
Today, the domestic benchmark indices were trading in red, with the BSE Sensex Index down 0.70 per cent at a level of 73,395. On BSE about 948 shares have advances, 2,677 were declines and 131 were unchanged.
Though the market was in blood red, one of the Top Gainers on BSE, shares of Nandan Denims Ltd, surged 9.33 per cent to Rs 41.50 per share from its previous closing of Rs 37.96. The stock’s 52-week high is Rs 41.50 while its 52-week low is Rs 17.26. The shares of the company saw heavy buying in 2 trading sessions with a spurt in volume by more than 2 times on BSE today.
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.
Also Read: Bonus Alert: Single-digit PE & high ROE multibagger stock to give free shares after 7 years!
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 600 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. Furthermore, promoters have held a constant 64.87 per cent stake in the company for the past 6 years. From Rs 17.26 (52-week low) to Rs 41.50 per share, the stock gave multibagger returns of 140 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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