Dolly Khanna buys stake in this lead major, stock hits record high

Shares of Nile Ltd zoomed nearly 20% to a record high in early deals today after ace investor Dolly Khanna’s name appeared as a public shareholder in pure lead and lead alloys manufacturer. Nile stock zoomed 19.57% to a record Rs 1970 on Friday against the previous close of Rs 1647.50 on BSE. Market cap of the firm climbed to Rs 549.35 crore.

As per shareholding pattern on BSE, Khanna held 1.10% stake or 32,923 shares in the firm at the end of June 2024 quarter. Total 0.43 lakh shares of the firm changed hands amounting to a turnover of Rs 7.78 crore. Nile stock opened higher at Rs 1,666 today. Nile has a one-year beta of 0.8, indicating low volatility during the period.  

In terms of technicals, the relative strength index (RSI) of the stock stands at 76, signaling the stock is overbought on technical charts. Nile shares are trading higher than the 5 day, 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.  Shares of Nile have gained 130 per cent in a year and risen 342.80 per cent in two years. 

Revenue fell 19.79% in Q4 and profit slipped 28.99% YoY. Revenue fell 30.78% and profit declined 48.92% on a quarter on quarter basis.

Selling, general & administrative expenses fell 4.51% q-o-q and rose 23.84% Y-o-Y. Operating income slipped 47.99% q-o-q and decreased 31.3% Y-o-Y.

NILE is engaged in secondary manufacturing of Pure Lead and Lead Alloys. Nile has two secondary Lead recycling plants located at Choutuppal (60 km from Hyderabad) and at Tirupati (120 km from Chennai). The combined capacity of these two plants is 107000 tons of Lead and Lead Alloys per annum.