Multibagger Stock Sets Record Date For 1:1 Bonus Shares, Gains 110% From 52W Low

JTL Industries Ltd is a small-cap firm in the metals industry. The firm is a leader in the production of ERW Black Pipes, galvanised steel pipes, solar module mounting systems, and large-diameter steel tubes and pipes. JTL Industries Limited is the flagship firm of the Jagan Group of Companies, with headquarters in Chandigarh and four manufacturing facilities spread across India. JTL Industries Limited has a total manufacturing capacity of 5,86,000 MTPA and serves PAN India as well as over 20 countries across five continents.

While announcing the record date for 1:1 bonus share issue, the company informed stock exchanges on Monday that "Pursuant to Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, this is to inform that the Company has fixed Thursday, the 07th day of September, 2023 as the Record Date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the ratio of 1:1 i.e. one new bonus equity share of Rs. 2/- each for every one existing equity share of Rs. 2/- each held subject to the approval of shareholders in the ensuing 32nd Annual General Meeting of the company to be held on 30th August, 2023. This is in compliance of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015."

JTL Industries' net profit reached Rs 25.37 crore in the June 2023 quarter. In the same quarter last year, the firm made a net profit of Rs 12.07 crore. The total revenue from operations climbed 38% to Rs 504.80 crore in Q1 FY24, up from Rs 368.04 crore in the same quarter of FY23. Expenses in Q1FY24 were Rs 471.66 crore, as against Rs 354.46 crore in Q1FY23.

On Tuesday, the shares of JTL Industries opened higher on the BSE at Rs 388.95 apiece and while writing this copy the scrip was trading at Rs 388.05 apiece with an upside gap of 1.03% over the previous close of Rs 384.10. The stock made a 52-week-high of Rs 412.60 on (08/08/2023) and a 52-week-low of Rs 185.70 on (16/09/2022), indicating that at the current market price, the stock is trading 109% above the 1-year low and 5.59% below the recent 1 year high. During Q1FY24, the company recorded promoters shareholding of 56.20%, FIIs stake of 0.72%, DIIs stake of 0.70% and public stake of 42.39%.