JTL Industries shares jump 8% to hit 52-week high as stock trades ex-bonus

Shares of JTL Industries rose sharply during the trading session on Thursday and hit its new 52-week high during the session as the stock traded ex-bonus. The company had announced the issue of bonus shares in a 1:1 ratio in August, which was approved by its shareholders in its annual general meeting (AGM) held on August 30, 2023.

September 7 was set as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the given ratio. It means that every investor will get one bonus equity share for every one existing equity share held as of the record date, that is Thursday.

JTL Industries surged 8 per cent to Rs 227.85 on an adjusted basis, before giving up its gains partially, commanding a total market capitalization of more than Rs 3,700 crore. The scrip had settled at Rs 211.05 in the previous trading session on Wednesday.

The stock has gained more than 145 per cent from its 52-week lows at Rs 92.85 hit in September 2022. The stock has rallied about 55 per cent in the last one month. The stock has zoomed a whopping 3,000 per cent from its Covid-19 lows of Rs 7.2 hit in May 2022.

For the quarter ended on June 30, 2023, JTL Industries reported a more than double net profit to Rs 25.37 crore. The company had posted a net profit of Rs 12.07 crore in the same quarter previous year. The total revenue from the operations increased 38 per cent to Rs 504.80 crore in Q1FY24, from Rs 368.04 crore in the same quarter previous year.

JTL Industries, formerly known as JTL Infra, is the largest producer of electric resistance welded (ERW) steel pipes in India, with a capacity to produce more than 6 lakh metric tons per annum. The company also exports its products to various offshore markets.

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