Bonus Share, Split On Oct 3: Metals Stock Jumps 6.05%, Buy Assigned For TP Rs 303: Nuvama

Small cap company engaged in metals & ferrous sector JTL Industries Ltd shares today surged 6.05% on BSE at the time of writing the story. JTL Industries shares price on BSE is Rs 233.20 apiece today. The company informed today that its Board of Directors will hold meeting on October 3, 2024 to consider and approve the proposal of bonus share and stock split. JTL Industries shares rallied 15% in last 6-months and gained over 2278% in last 5-years. Its market capitalisation stood at Rs 4,336.54 crore. Check key details below:

JTL Industries To Consider Bonus Share, Stock Split In October: As per the regulatory filing of JTL Industries dated September 24, 2024, "this is to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Thursday, 3rd October 2024, inter alia, to consider and approve the following items:

1. The sub-division/split of Equity Shares of the Company having a face value of Rs. 2/- each shall be in such manner as the Board may decide.

2. The proposal to issue bonus shares to the company's equity shareholders.

3. Increase in the Authorised Share Capital of the Company

4. Consequent alteration of Memorandum of Association of the Company and

5. Any other item with the permission of the Chairman."

JTL Industries Shares Performance: The 52-week high price of JTL Industries shares on BSE is Rs 276.60 per share (as on 28/02/2024) and 52-week low price is Rs 167.10 per share (as on 12/03/2024), respectively. JTL Industries shares gained 2% in last 1-week, slipped over 2% in 2024, rallied 3% in last 1-year, and soared 98% in last 2-years.

Should You Buy JTL Industries Shares? Leading brokerage house Nuvama recommended buy call for JTL Industries with target price of Rs 303 and target time of 12 months. The analyst said, "JTL Industries (JTL) is among the fastest-growing steel tube manufacturers in India. With capacity addition underway (mainly value-added), JTL has been consolidating its position via volume and margin expansion. Enhanced organic and inorganic capacity has aided volume/EBITDA/PAT expansion at a CAGR of 43%/45%/50% over FY19- 24. We forecast the PAT CAGR would be a robust 38% over FY24-27."

According to A R Ramachandran, Independent SEBI Research Analyst, "JTL Industries is bullish on the Daily charts with strong support at 217.6. A Daily close above resistance of 240 could lead to target of 259 in the near term."

"With India's structural tubes market (6% of total steel) aligning with the global average (10% of total steel), uptake of structural tubes is on the rise. JTL has been efficiently utilising warrants and QIP to build up capacity, including via bolt-ons," added Nuvama.

JTL Industries About: JTL Industries Limited is amongst the fastest-growing steel tube manufacturers, and its registered office is in Chandigarh. The company has manufacturing facilities in Punjab, Maharashtra, and Chhattisgarh. The cumulative capacity of the company is 7,50,000 MTPA. The company is a recognised Star Export House, and its product offering includes GI Pipes, MS Black Pipes, hollow sections, and Solar Structures, which cater to diverse industrial and infrastructural applications. All the products are available in hot dip galvanised, pre-galvanized and without coated (MS black) grades.

Disclaimer:

The stock has been picked from the brokerage report of Nuvama. 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.