Shares of multibagger JTL Industries Ltd rose 10% on Tuesday after the firm said its board would meet on October 3, 2024 to consider and approve sub-division/split of equity shares, issue of bonus shares, to increase authorised share capital and alteration of Memorandum of Association (MOA). JTL Industries shares closed 8.46% higher at Rs 238.50 on Tuesday against the previous close of Rs 219.90 on BSE. The stock climbed 10.09% intra day to Rs 242.10 on BSE.
Market cap of the firm stood at Rs 4438 crore. A total of 2.39 lakh shares of the firm changed hands amounting to a turnover of Rs 5.61 crore on BSE.
In terms of technicals, the relative strength index (RSI) of the JTL Industries stock stands at 43.6, signaling it's trading neither in the overbought not in the oversold zone. JTL Industries shares are trading higher than the 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages. The maker of iron and steel products logged a stellar rally of 104% in two years on BSE. It has given multibagger returns of 2356% in five years.
"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," said the firm in a communication to bourses.
JTL Industries Limited is a producer of electric resistance welded (ERW) steel pipes including pipe and tube manufacturers in India. The company produces black and galvanized ERW steel pipes and tubes, hollow sections and structural steel that are used in engineering and construction projects. Its product includes galvanized steel tubes and pipes, scaffolding fittings and systems, hollow sections, LTZ sections, and mild steels angles/channels. Its services include solar solutions, logistic services, and packaging and loading services.