Nandan Denim zoomed 7.16% to Rs 47.17 after the company informed that its board has approved subdivision of one equity share having face value of Rs 10 each into ten equity shares having face value of Rs 1 each.
The company stated the rationale for subdivision is to improve the liquidity of its equity shares in the stock market and to make it more affordable to small retail investors.
The stock split proposal is subject to shareholders approval and record date for the same shall be intimated to the stock exchanges in due course, stated the firm.
Nandan Denim is principally engaged in the manufacturing and Sale of fabrics including Denim, Yarn and Shirting etc.
The company reported standalone net profit of Rs 27.11 crore in Q4 FY24, steeply higher than Rs 2.76 crore posted in Q4 FY23. Revenue from operations stood at Rs 579.12 crore in the fourth quarter of FY24, jumped 26.7% year on year.
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