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JTL Industries jumps over 9% as board to mull on stock split, bonus shares
Source: Business Standard
Shares of JTL Industries Industries soared up to 9.50 per cent at Rs 240 per share on the BSE in Tuesday’s intraday trade. JTL Industries Industries share price zoomed after the company said that its board of directors will mull on a stock split as well as issuing bonus shares. However, JTL Industries has not yet decided on the amount of bonus shares and ratio of the stock split.
A stock split divides existing shares into smaller units, while a bonus issue gives existing shareholders free additional shares.
The company’s board will also consider increasing the authorised share capital of the company, while consequently altering the memorandum of association, it said in an exchange filing on Tuesday.
JTL Industries is one of the largest producers of Electric Resistance Welded (ERW) steel pipes in India, as well as a major manufacturer of section pipes and tubes, with a production capacity exceeding 600,000 metric tonnes per annum.
The company serves a wide range of regions and exports its products to various countries around the world. With a distribution network across India, including branch offices in Delhi, Mumbai, and Chandigarh, JTL is recognized as a leading manufacturer of galvanised iron (GI) pipes in the country.
The company reported a major 21 per cent year-on-year (Y-o-Y) rise in its net profit for the June quarter (Q1FY25), at Rs 30.70 crore. The company had recorded a net profit of Rs 25.37 crore in the same quarter of FY24. The company’s net sales surged to Rs 515 crore in the April-June period of FY25, up from Rs 504 crore during the corresponding period of the previous year.
Tha market capitalisation of JTL Industries is Rs 4,438.91 crore, according to Bombay Stock Exchange (BSE).
Its shares are trading at a price to earnings multiple of 33.05 times with an earning per share of Rs 6.65. The 52-week high of the company’s share is Rs 276.60 while its 52-week low is Rs 167.10 a piece.
At 2:41 PM, JTL Industries shares were trading 9.14 higher at Rs 240. In comparison, the BSE Sensex was trading 0.18 per cent higher at 85,078 levels.
First Published: Sep 24 2024 | 2:51 PM IST
