 "Nandan Denim locked in 20% upper circuit after announcing 1:10 stock split")
Nandan Denim locked in upper circuit: Denim fabric manufacturer Nandan Denim shares were locked in the 20 per cent upper circuit, hitting 52-week high, at Rs 52.82 per share, on Tuesday.
The company’s stock rose after it announced a 1:10 stock split, meaning each equity share having face value of Rs 10 each will be subdivided into ten equity shares having face value of Rs 1 each.
A stock split occurs when a company increases its number of outstanding shares, typically to boost the stock's liquidity.
In an exchange filing, Nandan Denim said, “Board of Directors has inter-alia considered and approved sub-division/split of equity shares of the company having face value of Rs 10 (Rupees Ten) each into 10 (Ten) equity shares having face value of Re 1 (Rupee One) each fully paid up, subject to the approval of Shareholders of the Company and other statutory regulatory authorities, as may be required.”
The record date for subdivision / split shall be intimated to the Stock Exchanges in due course, Nandan Denim said.
Nandan Denim is engaged in the manufacturing and sale of fabrics, including denim, yarn and shirting. Its denim portfolio includes knit denim, basic denim, lightweight shirting, poly dobby and cotton dobby. It also provides a range of printed denims.
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Financial performance
The company reported a standalone net profit of Rs 27.1 crore in the March quarter of financial year 2024 (Q4FY24), steeply higher than Rs 2.7 crore posted in the March quarter of FY23 (Q4FY23).
The revenue from operations, also known as topline, stood at Rs 579.1 crore in the March quarter of FY24, zooming 26.7 per cent on a year on year (Y-o-Y) basis.
The market capitalisation of the company is Rs 761.39 crore, according to Bombay Stock Exchange (BSE). The 52-week low of the stock is Rs 17.26 per share.
At 2:09 PM, shares of Nandan Denim continued to be locked in the 20 per cent upper circuit. On the other hand, BSE Sensex was trading 0.35 per cent at 77.260.89 levels.