Deepak Spinners, Nitin Spinners shares - Dolly Khanna-backed textile companies' stocks see 100% surge in 1 month – know key drivers

Deepak Spinners shares and Nitin Spinners shares have given over 100 per cent returns over the last one month. The stocks hit their high life highs of Rs 465 and Rs 295 per share on the BSE on August 4 and August 3, respectively. Both the stocks are backed by a celebrity investor Dolly Khanna. 

Both the textile company stocks have rallied on the back of strong first-quarter results expectations. Deepak Spinners and Nitin Spinners were locked in a lower circuit of 5 per cent at Rs 400 and Rs 231.5 per share on the BSE, as against a 0.23 per cent rise in the S&P BSE Sensex on Thursday.

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Deepak Spinners' share price has surged by around 125 per cent from Rs 207 per share, while Nitin Spinners spurted over 100 per cent from Rs 147 per share on the BSE. This comparison is done with both the companies' 52-week high levels touched earlier this week. 

Khanna holds a 2.07 per cent stake in Deepak Spinners and 1.24 per cent holding in Nitin Spinners as of June 30, 2021, as per the data available on BSE.

Khanna had purchased an additional 76,555 shares of Deepak Spinners on June 24, 2021 from the open market, which translates to a 1.06 per cent stake in and is worth Rs 1.28 crore. She bought these shares at a price of Rs 167.21 per cent through a bulk deal on the BSE, the exchange data shows.

The board of directors of Deepak Spinners is scheduled to meet on August 12, 2021, to consider financial results for the quarter ended on June 30, 2021 (Q1FY22).

On the other hand, the board of directors of Nitin Spinners declared June quarter 2021 results on Tuesday. The company not only turned positive by also posted a five-fold jump in profit on a year-on-year (YoY) basis to Rs 60 crore, as against the loss of Rs 9.15 crore in the same period a year ago.

Besides, Deepak Spinners and Nitin Spinners, Dolly Khanna holds over 1 per cent stake in Polyplex Corporation, Rama Phosphates, RSWM, Shemaroo Entertainment and Aries Agro first time in June quarter, as per the exchange data shows.