Nandan Denim clothed for FIIs

Nandan Denim’s 2-week average volume is 11,000 shares and today in the morning trades alone, it has clocked a volume of 1.22 lakh shares, a jump up of almost 11 times. Intra day, the stock price rose over 15% to Rs.126.85.

This denim fabric maker is in the news after RBI notified that FIIs/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49% of the paid up capital of the company, up from earlier limit of 24%.

As at 30th Sept 2016, promoters stake stood at 58.27% and that of ‘public’ was at 41.73%.

The company had ended Q2FY17 on a very flat note with revenue showing a 3% (YoY) growth at Rs.303 crore, EBITDA was down 3% at Rs.49 crore while net profit rose 4% at Rs.16 crore. The 16% drop in interest rate and 10% drop in tax is what helped shore the bottomline.