Nandan Denim’s stock price jumped 17% on Tuesday following the company’s strong performance in the fourth quarter. For the quarter ending March 2024, Nandan Denim’s net profit surged by 882.25% to ₹27.11 crore, up from ₹2.76 crore in the same period last year. Sales also increased by 26.68%, reaching ₹579.12 crore compared to ₹457.16 crore last year.
For the full fiscal year ending March 2024, net profit skyrocketed by 8384.91% to ₹44.97 crore, compared to just ₹0.53 crore the previous year. However, annual sales slightly declined by 0.82%, from ₹2026.76 crore to ₹2010.09 crore.
On Tuesday, Nandan Denim’s stock closed 8.36% higher at ₹40.45 per share on the BSE. During the day, the stock hit an intraday high of ₹43.79 and a low of ₹40.35. The stock opened at ₹40.79. Over the past year, the stock has seen significant gains, rising over 134% from its 52-week low of ₹17.26 to ₹40.45.
Dr. Ravi Singh, SVP – Retail Research at Religare Broking Ltd, noted that Nandan Denim offers a variety of textiles, including yarn, shirting materials, and denim. After a period of decline, the stock has been steadily rising, indicating positive momentum. It is trading above all major moving averages, and momentum indicators like the RSI show strength. Dr. Singh believes the stock could reach levels of ₹45-46 in the near term.
According to Market Mojo’s research, Nandan Denim has generated returns of 92.99% in the past year and has outperformed the BSE 500 index over the last three years, one year, and three months. The report indicates that the textile stock is in a mildly bullish range. Nandan Denim has a market cap of ₹619 crore.
Founded in 1994 as a textile trading company, Nandan Denim Ltd is part of the Chiripal Group. It is the largest denim fabric producer in India and the fourth largest globally. The company produces over 2,000 denim items annually, along with a variety of shirting materials and eco-friendly organic cotton yarn.
Nandan Denim has extensive manufacturing capabilities and its own research and development to continuously innovate its products. The company supplies major Indian retailers and exports to over 27 countries.
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