Textile Stock Nandan Denim Hits 5% Upper Circuit Today At Rs 37.05; Here’s Why

On Thursday, shares of textile stock Nandan Denim surged 5 per cent and hit the upper circuit. The stock is near to its 52 week high i.e. Rs. 40 per share.

The stock of Nandan Denim has given return of 47.90 percent in 6 months to its investors. The stock has surged around 94% in last 12 months.

According to the latest shareholding pattern as on December quarter, promoters own majority stake at 64.87 per cent, followed by non-institutional investors (34.77 per cent), FIIs and DIIs (0.36 per cent). The microcap company has a market cap of Rs 528.44 crore.

Recently, the company announces its Q3FY24 results. Nandan Denim reported Net Sales at Rs 462.18 crore in December 2023 up 76.24% from Rs. 262.24 crore in December 2022. Quarterly net profit at Rs. 7.96 crore in December 2023 up 159.45% from Rs. 13.38 crore in December 2022. EBITDA stands at Rs. 33.71 crore in December 2023 up 1894.67% from Rs. 1.69 crore in December 2022.Nandan Denim EPS has increased to Rs. 0.55 in December 2023 from Rs. 0.93 in December 2022.

Nandan Denim Limited (NDL) is India's leading and world's fourth largest integrated denim fabric maker. Company commenced its operations in 1994 with textile trading business and forayed into textile manufacturing in 2004. Nandan Denim currently engages in manufacturing of denim fabric, shirting fabric and yarn. NDL is a part of leading conglomerate, Chiripal Group, established in 1972 and is currently diversified across several businesses like Textiles, Chemicals, Packaging, Infrastructure and Education.