Nandan Denim shares hit upper circuit after board approves stock split

Shares of Nandan Denim hit an upper circuit of 20% on Tuesday after board of the firm approved a stock split in the ratio of 1:10. At 1:19 am, the stock rose 20% to a 52-week high of Rs 52.82 against the previous close of Rs 44.02 on BSE. Market cap of the textile firm climbed to Rs 761.39 crore. This is the first ever stock split announced by the company.

The stock saw a turnover of Rs 12.23 crore after 24.71 lakh shares changed hands on BSE.

Nandan Denim stock has a one-year beta of 0.5, signaling low volatility during the period. In terms of technicals, the relative strength index (RSI) of Nandan Denim stood at 58.1, signaling it's trading neither in the overbought nor in the oversold zone.

Nandan Denim stock is trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day and 150 day moving averages.

Nandan Denim shares have 174.10% in a year and risen 87.30% in 2024. The company said objective of the stock 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.

The firm is engaged in the manufacturing of denim fabric, shirting fabric and yarn.