Over 100 per cent returns in just 1 year: Multibagger textile stock under Rs 50 in green for 3 straight days in bearish market – details inside!

From Rs 21.80 to Rs 45.90 per share, the stock gave multibagger returns of over 100 per cent in just 1 year.

Today, the domestic benchmark indices were trading in red, with the BSE Sensex Index down 0.70 per cent at a level of 72,885. On BSE about 2,187 shares have advances, 1,495 were declines and 129 were unchanged.

Today, shares of Nandan Denims Ltd, being one the Top Gainers on BSE & NSE, zoomed 6.30 per cent to Rs 45.90 per share from its previous closing of Rs 43.15. The stock has a 52-week high of Rs 46.60 and a 52-week low of Rs 17.26.  

Nandan Denim Ltd (NDL), founded in 1994 and part of the diversified Chiripal Group, is India's largest and the world's fourth-largest integrated denim fabric maker. They started in textile trading but now manufacture a wide range of fabrics including denim (over 2,000 denim products annually), shirting (including indigo dyed and seasonal collections), and yarn (with varieties like organic cotton). Supplying to over 27 countries and major Indian retailers, Nandan Denim boasts a massive production capacity of 110 million meters of denim per year and even has in-house research and development facilities to constantly innovate and improve its products.

Also Read: Artificial Intelligence (AI) revolutionizing healthcare: A look at the present and future!

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. Looking at the company’s first 3 quarters of the fiscal year 2024 i.e., Q1FY24, Q2FY24 & Q3FY24, the total net sales reported was Rs 1,430.97 crore and the total net profit reported was Rs 17.87 crore whereas in FY23, the company reported total net sales of Rs 2,026.77 crore and total net profit reported was Rs 1 crore.  

Nandan Denims has a market cap of Rs 640 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 21.80 to Rs 45.90 per share, the stock gave multibagger returns of over 100 per cent in just 1 year. Investors should keep an eye on this textile stock under the radar.

Disclaimer: The article is for informational purposes only and not investment advice.