Shares of Nandan Denim Zoom Amid Weakness In Market; Check Reason Here

The stock market was witnessing a boom in the afternoon trade on Monday and the shares of Nandan Denim Limited, which has given multibagger returns to investors in the long term, reached the level of Rs 51.66. The shares of Nandan Denim have given an eight percent return to investors in the last 5 days, while in the last one month it has given a return of more than 32 percent and its shares have touched the level of Rs 38 to Rs 52.

The 52-week high of the shares of Nandan Denim Limited, which has a market cap of about Rs 721 crore, is Rs 57.50 while the 52-week low is Rs 18.50.

Nandan Denim Limited is a leading company in the denim business of the country, whose shares have given investors a return of 85 percent from the low level of Rs 27 in the last 6 months. In the last 1 year, the shares of Nandan Denim Limited have given investors a return of 150 percent from the level of Rs 20.20 on 26 June. The shares of Nandan Denim have given a bumper return of 300 percent to the investors from the low level of Rs 13 on 28 June 2019.

Recently, Nandan Denim Limited has informed the stock market that its Board of Directors meeting was held on June 17 in which the company has approved the subdivision of shares with face value of ₹ 10 into 10 shares of face value of Rs 1. The board of Nandan Denim Limited has also approved the change in the capital clause of the Memorandum of Association of the company.

Also, the promoter's stake in Nandan Denim Limited is 64.74 percent, the remaining stake is held by foreign investors, domestic institutional investors and retail investors. Nandan Denim Limited is India's largest and the world's fourth largest denim manufacturing company. The company's denim garments are sold in 27 countries. Nandan Denim Limited's product portfolio includes more than 2000 varieties of denim.

Nandan Denim Limited (NDL) is India's leading and the world's fourth-largest integrated denim fabric maker. The company commenced its operations in 1994 with a textile trading business and forayed into textile manufacturing in 2004. Nandan Denim currently engages in the manufacturing of denim fabric, shirting fabric and yarn.

NDL is part of a leading conglomerate, Chiripal Group, established in 1972 and is currently diversified across several businesses like Textiles, Chemicals, Packaging, Infrastructure and Education. Headquartered in Ahmedabad, Gujarat, NDL has expanded its capacity from 6 MMPA to 110 MMPA over the last 12 years. With this, the Company has become the largest denim fabric manufacturer in India.

The Company completed its Rs. 612 cr. capacity expansion plan in December 2016, in which denim capacity increased to 110 MMPA and the spinning capacity of the company increased to 141 TPD. Apart from this, NDL has a shirting capacity of 10 MMPA and yarn dyed capacity of 550 TPM, as per LinkedIn.