Shares of textile company Nandan Denims Ltd. surged on Thursday, rising nearly than 6 percent to Rs 3.47 per share. This gain was higher than its previous closing price of 3.27. The company’s 52-week high was 6.36, while its lowest was 2.96 per share.
Thus, the stock is up nearly 17% from its 52-week low and has returned more than 400% to investors over the past five years.
The action in the stock comes as the equity benchmark indices Sensex and Nifty surged in early trade amid growing optimism on the US-India trade deal front. Fresh foreign fund inflows and buying in IT stocks also drove the markets higher during the initial trade. The 30-share BSE Sensex jumped 734.36 points to 85,160.70 in early trade. The 50-share NSE Nifty surged 198.3 points to 26,066.90.
Last seen, the counter was trading at Rs 3.38 and the market cap of the company stood at Rs 487.22 crore. On the National Stock Exchange (NSE), the stock started the trading session at Rs 3.29 against the previous close of Rs 3.28. It later touched the intraday high of Rs 3.48 and a low of Rs 3.24.
52-week high and low
The 52-week high of the stock is Rs 6.36, hit of November 4, 2024, and the 52-week low is Rs 3.05. Stock has been gaining for the last 3 days and has risen 6.31 per cent in the period.
Technically, the stock trades higher than the 5-day and 20-day moving averages but lower than the 50-day, 100-day and 200-day moving averages.
The stock’s 14-day relative strength index (RSI) is 47.53. For the uninitiated, a level above 70 is considered overbought or overvalued, and below 30 is defined as oversold or undervalued.
Meanwhile, Global oil benchmark Brent crude jumped 2.56 per cent to USD 64.19 a barrel.
Equity markets were closed on Wednesday on account of Diwali Balipratipada.
In a special one-hour Muhurat trading session on Tuesday, the Sensex rose by 62.97 points or 0.07 per cent to settle at 84,426.34. The Nifty went up by 25.45 points or 0.10 per cent to settle at 25,868.60.