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Business News/ Markets / Stock Markets/  Multibagger textile stock: Nandan Denim share price zooms 17% as PAT spikes over 8000% in FY24; here's what analysts say
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Multibagger textile stock: Nandan Denim share price zooms 17% as PAT spikes over 8000% in FY24; here's what analysts say

Nandan Denim share price surged 17% after impressive Q4 performance, with net profit climbing by 882.25% and sales by 26.68% in March 2024 quarter. Nandan Denim stock closed 8.36% higher at ₹40.45 apiece, with potential to touch 45–46 levels in the near term as per analysts' observations.

Nandan Denim share price today closed 8.36% higher at ₹40.45 apiece on BSE, the stock touched an intraday high of ₹43.79 and an intraday low of ₹40.35. Nandan Denim stock price opened at ₹40.79 apiece. (Image: Pixabay)Premium
Nandan Denim share price today closed 8.36% higher at 40.45 apiece on BSE, the stock touched an intraday high of 43.79 and an intraday low of 40.35. Nandan Denim stock price opened at 40.79 apiece. (Image: Pixabay)

Nandan Denim share price surged 17% on Tuesday's following the company's impressive Q4 performance. In the quarter that ended in March 2024, Nandan Denim's net profit climbed by 882.25% to 27.11 crore, compared to 2.76 crore in the quarter that ended in March 2023. Sales grew by 26.68% to 579.12 crore in the quarter that ended in March 2024 compared to 457.16 crore in the quarter that ended in March 2023.

Net profit for the full year spiked by 8384.91% to 44.97 crore in the fiscal year that ended in March 2024, compared to 0.53 crore in the fiscal year that ended in March 2023. In the year that ended in March 2024, sales decreased by 0.82% to 2010.09 crore, compared to 2026.76 crore in the year that ended in March 2023.

Also Read: Praveg share price tumbles 7% to hit 5-month low on weak Q4 earnings

Nandan Denim share price today closed 8.36% higher at 40.45 apiece on BSE, the stock touched an intraday high of 43.79 and an intraday low of 40.35. Nandan Denim stock price opened at 40.79 apiece. The stock saw multibagger gains of more than 134% from 17.26 (the 52-week low) to 40.45 per share.

According to Dr. Ravi Singh, SVP - Retail Research, Religare Broking Ltd, Nandan Denim Ltd provides a range of textiles, yarn, shirting materials, and denim. After a decent correction, now stock has been consistently forming a higher high, which is indicating positive momentum in the stock. The stock is trading well above all the major moving averages, and momentum indicators like the RSI are signalling strength in the stock. Considering all these factors, stock has the potential to touch 45–46 levels in the near term.

As per a Market Mojo's research report, along with generating 92.99% returns in the last 1 year, Nandan Denim stock has outperformed BSE 500 in the last 3 years, 1 year and 3 months. The brokerage in its report stated that the textile stock is technically in a mildly bullish range. Nandan Denims has a market cap of 619 crore.

Also Read: Multibagger SME stock Suratwwala Business share price soars over 8000% in 4 years; is it wise to accumulate?

Founded in 1994 as a textile trade company, Nandan Denim Ltd is a subsidiary of the Chiripal Group and is currently the largest denim fabric producer in India and the fourth largest globally. They produce a broad range of textiles, such as more than 2,000 denim items a year, a variety of shirting alternatives, and yarn made of organic cotton that is environmentally beneficial. 

Nandan Denim has a huge manufacturing capacity and even in-house research and development to continuously innovate and enhance its textile offerings. It supplies major Indian merchants as well as over 27 countries.

Also Read: 15 to 375: Ashish Kacholia-owned multibagger chemical stock Fineotex Chemical rises 2400% in four years

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

 

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Published: 28 May 2024, 04:34 PM IST
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