1:1 Bonus Share: Metal Stock Soars As Promoter Raises Stake, Buy For TP Rs 300; 56% Gain Seen

Small cap company from the metals & ferrous sector, JTL Industries shares today gained 4.46% on BSE after the company informed one of its promoters, Pranav Singla increased stake in the company from current 1.07% to 1.24% after acquiring 3 lakh equity shares of JTL Industries. JTL Industries shares declined over 25% in last 1-month and gave return of 74% in last 2-years. The stock gave maximum return of 1272% in last 5-years. JTL Industries has a market capitalisation of Rs 3,287.09 crore. Last trading price of JTL Industries share is Rs 192.10 apiece on BSE. Check details below:

JTL Industries Shares Rally As Promoter Raises Stake: As per the BSE filing of the company dated March 18, 2024, "Please find enclosed herewith the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 with respect to Acquisition of 3,00,000 (Three Lakhs) Equity Shares representing 0.17% of the Paid-up Equity Share Capital of JTL Industries Limited on 18th March, 2024 from Open market."

Axis Securities Recommends Buy: As per the report issued by Axis Securities dated January 15, "JTL's capacity expansion gets impetus post the company's announcement in Dec'23 to raise Rs 1,310 Cr to enhance the capacity to 2 MTPA by the end of FY27. A fundraising plan involving Rs 540 Cr from the promoter, Rs 270 Cr from nonpromoter, and Rs 500 Cr through QIP will spur growth ahead. Capacity will reach 2MT by the end of FY27 and full utilisation (max ~65% industry standard) on the 2MT capacity will be achieved in FY28." The analyst has assigned buy call to JTL Industries share with target price of Rs 300 from Rs 265 apiece. The analyst has maintained a positive outlook on the sector. If you buy JTL Industries shares now, you can get potential return of 56%.

JTL Industries Stock Performance & Return: The 52-week high price of JTL Industries share on BSE is Rs 276.60 per share and 52-week low price is Rs 142.75 per share, respectively. The company has a market capitalisation of Rs 3287.09 crore. JTL Industries shares declined 23% in last 3-months, gave return of 23% in last 1-year, and surged 378% in last 3-years.

JTL Industries Dividend & Bonus Shares History: JTL Industries declared 1 bonus issue since September 7, 2023. Its last bonus issue was announced was in the ratio 1:1 with ex-bonus date fixed as September 7, 2023.
JTL Industries announced 2 dividends since September 13, 2021. In last 12 months, JTL Industries announced an equity dividend amounting to Re 0.20 per share. At the current share price of Rs 192.10, JTL Industries offers a dividend yield of 0.10%. Adjusting for Bonus/Splits the dividend yield is 0.05%, according to Trednlyne.

JTL Industries About: JTL Industries Limited produces and exports galvanized steel tubes and pipes as well as heavy structural steel and hollow sections. JTL Industries is one the largest producer of Electric Resistance Welded (ERW) steel pipes including one of the largest section pipe & tube manufacturers in India, with a capacity to produce more than 6 Lakh Metric Tonnes per annum. It caters extensively to the region and exports to various countries globally. The company's vast distribution network is spread across India, having branch offices in Delhi, Mumbai & Chandigarh, making it one of the leading GI pipe manufacturers in India, according to its official website.

Disclaimer:

The stock has been picked from the brokerage report of Axis Securities. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.