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.
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.
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.
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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