Meanwhile, the S&P BSE Sensex was up 137.96 points, or 0.36% to 38,156.27.

On the BSE, 29,000 shares were traded in the counter so far compared with average daily volumes of 11,000 shares in the past two weeks. The stock had hit a high of Rs 92.40 and a low of Rs 80.40 so far during the day. The stock hit a record high of Rs 186.65 on 10 October 2017. The stock hit a 52-week low of Rs 60.85 on 20 July 2018.

Nandan Denim announced that the application made by company for sanction of various incentives (interest, power, VAT / GST) under Gujarat State Textile Policy, 2012 has been approved. The company expects to save Rs 65 crore on account of interest and power subsidy over a period of five years starting from December 2016. Further, the company is entitled for GST / VAT refund of upto Rs 340 crore for a period of eight years starting from December 2016.

Government of Gujarat had come out with a comprehensive textile policy in 2012 to overhaul the textile industry in Gujarat, with an aim to create jobs in the sector.

Net profit of Nandan Denim declined 67.87% to Rs 5.24 crore on 15.73% decline in net sales to Rs 357.06 crore in Q1 June 2018 over Q1 June 2017.

Nandan Denim is India's largest and world's fourth largest integrated denim fabric maker.