Shares of Nandan Denim Limited rose by 5% on Thursday, reaching an intraday high of ₹6.81. This price is also a new 52-week high for the company.
The rise in share price is due to a significant event: the stock has traded ex-split today.
According to the company’s stock exchange filing, September 19 has been set as the record date for a stock split in the ratio of 1:10.
Details of the Stock Split
The stock split of Nandan Denim was approved by the company’s equity shareholders during the 30th Annual General Meeting on September 6.
The split ratio of 1:10 means that each fully paid existing share with a face value of ₹10 will be split into ten shares with a face value of ₹1 each.
Recent Stock Performance
In the past month, Nandan Denim’s share price has increased by over 38%, and by more than 25% in the last three months.
As a penny stock, Nandan Denim has delivered impressive returns, with a year-to-date increase of over 148% and a one-year rise of over 179%.
On September 19, 2024, the share price hit a 52-week high of ₹6.81, up from a 52-week low of ₹2.05 on October 26, 2023.
Trading volume also surged on Thursday, with around 66 lakh shares traded, compared to the one-week average volume of 27 lakh shares.
The company’s market capitalization is over ₹957 crore.
