1:10 Stock Split: Shares of this fabric maker trade ex-date today

Shares of Fabric maker Nandan Denim are trading ex-date today for sub-division of existing equity shares of the company.

The board of directors of the company had approved the split of its existing shares in a 1:10 ratio. 

"..the Company has fixed Thursday, September 19, 2024 as the "Record date" for determining eligibility of shareholders for the purpose of Sub-division/split of existing Equity Shares of the Company from Face Value of Rs. 10/- each fully paid-up to Face Value of Re. 1/- each fully paid-up, ranking pari-passu in all respects, which was approved by the Equity Shareholders at 30th Annual General Meeting of the Company held on September 06, 2024," the company had said in an exchange filing.

A stock split is a process where the company decides to split its existing shares to increase liquidity and make it more affordable to small retail investors.

Earlier, the company declared its financial results for the first quarter of the financial year 2024-25. The company's standalone net profit stood at Rs 7.49 crore in the June quarter as compared to Rs 1.70 crore in the same quarter a year ago.

The revenue from operations surged by over 30 per cent year-on-year (YoY) basis to Rs 721 crore. This was Rs 553 crore in the June quarter of the previous fiscal.