Nitin Spinners hits record high

Nitin Spinners jumped 6.09% to Rs 142 at 14:30 IST on BSE after net profit rose 38.3% to Rs 15.72 crore on 49.9% increase in net sales to Rs 285.20 crore in Q4 March 2017 over Q4 March 2016.

The result was announced on Saturday, 6 May 2017.

Meanwhile, the S&P BSE Sensex was up 97.90 points, or 0.33% at 29,956.70. The S&P BSE Small-cap index was up 110.28 points, 0.72% at 15,466.12.

High volumes were witnessed on the counter. On the BSE, 1.49 lakh shares were traded on the counter so far as against the average daily volumes of 69,885 shares in the past one quarter. The stock had hit a high of Rs 145 so far during the day, which is also its record high. The stock had hit a low of Rs 137.05 so far during the day.

The stock had hit a 52-week low of Rs 60.05 on 16 May 2016. The stock had outperformed the market over the past one month till 5 May 2017, advancing 3.8% compared with the Sensex's 0.39% fall. The scrip had also outperformed the market over the past one quarter advancing 55.55% as against the Sensex's 5.73% rise.

The small-cap company has equity capital of Rs 45.83 crore. Face value per share is Rs 10.

Nitin Spinners is engaged in the textiles business. The company manufactures a range of yarn which includes open end yarns, multifold open end yarns, ring spun combed yarns, multifold ring spun yarns, S and Z twist yarns, dyeable cheese cones and organic cotton yarns and blends.

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