Stock Split: This textile company approves 10:1 stock split - Check details

Nandan Denim Ltd. has informed exchanges that its board has approved a stock split in the ratio of 1:10 i.e. the subdivision of one equity share having a face value of Rs 10 each into ten equity shares having a face value of Re 1 each. However, this is subject to the approval of shareholders of the company and other statutory regulatory authorities.

According to an exchange filing,  the record date for the subdivision or split of shares will be decided in due course.

According to the company, the rationale behind the split is to improve the liquidity of the company's equity shares in the stock market and to make it more affordable to small retail investors. 

Nandan Denim, which is engaged in the manufacturing and sale of fabrics including denim, yarn and shirting, has a market cap of around Rs 749 crore.

Earlier, the company reported a standalone net profit of Rs 27.11 crore in the fourth quarter of the financial year 2024, much higher when compared to a net profit of Rs 2.76 crore in the same quarter a year ago. Revenue from operations stood at Rs 579.12 crore in the fourth quarter of FY24, a jump of 26.7 per cent year on year.

Meanwhile, Benchmark equity indices Sensex and Nifty hit their new all-time high levels in early trade on Tuesday helped by firm trends in global markets, buying in IT stocks and fresh foreign fund inflows.

Rising for the fourth straight session, the 30-share BSE Sensex climbed 334.03 points to hit its fresh lifetime peak of 77,326.80. The NSE Nifty went up by 108.25 points to hit its new all-time high of 23,573.85.

Among the 30 Sensex companies, Wipro, Titan, Mahindra & Mahindra, Tech Mahindra, Infosys, Bharti Airtel and Hindustan Unilever were the biggest gainers.