Nitin Spinners Share Price Update 31 JULY 2024 📈
Looking for a good stock to invest in? Keep an eye on Nitin Spinners Limited. This small-cap stock has delivered multi-bagger returns to its investors. Despite the results for the June quarter, brokerage houses are still bullish on this share. The company’s share in the BSE stock market closed at ₹427.10 last Friday, down by 2.15%. The market capitalization of the company is ₹2,401.16 crores. The 52-week high for the stock is ₹447.05 and the 52-week low is ₹225.
Analysts believe that with strong financial performance and margin expansion in the coming years, this share can touch the ₹530 mark. Nitin Spinners recorded a net profit of ₹42.1 crores for the June 2024 quarter, which is 47.5% higher year-on-year. The company’s revenue for the first quarter of the current financial year was ₹803 crores, a 30.1% increase year-on-year. On Wednesday (31 July 2024), the share was trading at ₹425, down by 1.92%.
The EBITDA for the quarter was ₹118.8 crores, a 56.1% increase compared to the previous year, with an EBITDA margin of 14.8% during April-June 2024. The company’s overall margin increased to 37.2% compared to the previous year, with a cash profit of ₹7.8 crores for the quarter. In the first quarter of the financial year 2025, the company’s export share in revenue was 64%.
Brokerage firm SMIFS has set a buy rating on this share with a target price of ₹502. Keep an eye on Nitin Spinners for potential growth in the future! 🚀📊
Disclaimer: This is News Coverage with Opinions of Experts and Should Not Be Taken as Direct Market Buying Tip. Market is always subject to risk. We recommend taking our content as research before investing.
