Nandan Denim stock split: Multibagger small-cap stock sets record date for stock subdivision. Shares hit 52-week high

Nandan Denim stock split: Nandan Denim's share price rose nearly 8% to a 52-week high of 63.74 on September 9, marking a 156% increase over the past year and a 212% gain from its low of 20.45 last October.

Nishant Kumar
Updated9 Sep 2024, 02:25 PM IST
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Nandan Denim stock split: Multibagger small-cap stock sets record date for stock subdivision. Shares hit 52-week high
Nandan Denim stock split: Multibagger small-cap stock sets record date for stock subdivision. Shares hit 52-week high(Agencies)

Nandan Denim share price continued to witness strong traction for the third consecutive session on Monday, September 9, amid the company's announcement regarding its stock split. The stock opened at 60.89 against its previous close of 59.25 and jumped 7.6 per cent to hit its one-year high of 63.74. The stock, however, lost some steam as around 2:20 pm, it traded 4.5 per cent up at 61.93 apiece.

Nandan Denim stock split record date

In an exchange filing on Saturday, September 7, Nandan Denim announced it had fixed Thursday, September 19, as the record date for determining the eligibility of shareholders for the purpose of stock-split of existing company shares.

The shareholders approved the stock subdivision at the company's 30th annual general meeting on Friday, September 6.

The denim fabric maker company has decided to split its existing shares in a 1:10 ratio. A company decided to split its existing shares to increase liquidity and make it more affordable to small retail investors.

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Nandan Denim share price trend

The stock surged almost 8 per cent in intraday trade on Monday, September 9, to hit its fresh 52-week high of 63.74. In the previous two sessions on Thursday and Friday, the stock witnessed gains of 13 per cent and 15 per cent, respectively.

The stock has surged over 156 per cent in the last one year. It hit its 52-week low of 20.45 on October 26 last year. Considering today's high of 63.74, it has gained about 212 per cent from its 52-week low level.

Also Read | Stocks to buy: These 12 stocks may rise 7-22% in next 3-4 weeks, say analysts

For the June quarter of FY25, the company's standalone revenue from operations stood at 721.62 crore, up 30.2 per cent year-on-year. In the same quarter last year, the company's profit was 554.37 crore.

Net profit for Q1FY25 surged 339 per cent YoY to 7.5 crore from 1.71 crore in the corresponding quarter of the previous financial year.

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First Published:9 Sep 2024, 02:25 PM IST
Business NewsMarketsStock MarketsNandan Denim stock split: Multibagger small-cap stock sets record date for stock subdivision. Shares hit 52-week high

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