337% return in 3 years: This textile stock hits 20% upper circuit in bearish market - Check details
The counter opened flat at Rs 36.85 and touched the upper circuit of Rs 44.22.
Shares of textile products maker Nandan Denim Limited surged 20 per cent to hit the upper circuit on Friday even as Benchmark equity indices Sensex and Nifty plunged by 1 per cent.
The counter opened flat at Rs 36.85 and touched the upper circuit of Rs 44.22. The stock of Nandan Denim, which has a market cap of Rs 637.42, has a 52-week low of Rs 17.26.
The stock has been highly volatile today with an intraday volatility of 7.47 per cent. On technical parameters, the counter traded higher than the 5-day, 20-day, 50-day, 100-day and 200-day moving averages.
The scrip has given a multibagger return of over 337 per cent return in the last three years. However, it gave a negative return of 18 per cent in the last two years. In one year, the stock has made investors wealthier by 20 per cent.
Earlier, the company reported a net profit of Rs 7.96 crore in December 2023. This was up by 159 per cent from Rs 13.83 crore in the same quarter in 2022. The company's net sales stood at Rs 462.18 crore in December 2023 up 76.24 per cent from Rs 262.24 crore in December 2022.
Meanwhile, Benchmark equity indices Sensex and Nifty plunged by 1 per cent on Friday as investors booked profits after a recent record-breaking rally amid weak trends from Asian markets.
The 30-share BSE Sensex tanked 793.25 points or 1.06 per cent to settle at 74,244.90 with 27 of its components in the red. During the day, it dropped 848.84 points or 1.13 per cent to 74,189.31.
The NSE Nifty declined 234.40 points or 1.03 per cent to close at 22,519.40 with 45 of its constituents ending lower.
From the Sensex basket, Sun Pharma, Maruti, Power Grid, Titan, JSW Steel, Tech Mahindra, Larsen & Toubro and State Bank of India were the major laggards.
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