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Multibagger metal stock in news today after SBI General Insurance buys 2 lakh shares in bulk deal

Multibagger metal stock in news today after SBI General Insurance buys 2 lakh shares in bulk deal

Multibagger stock: JTL Industries shares have turned into multibagger in the last three years. The stock delivered 1618.14% returns in three years.

Aseem Thapliyal
Aseem Thapliyal
  • Updated Sep 14, 2023 8:13 AM IST
Multibagger metal stock in news today after SBI General Insurance buys 2 lakh shares in bulk dealJTL Industries shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.
SUMMARY
  • In terms of technicals, the relative strength index (RSI) of the JTL Industries stock stands at 49.4, signaling it's trading neither in the overbought not in the oversold zone.
  • Total 0.38 lakh shares of the firm changed hands amounting to a turnover of Rs 75.20 crore on BSE.
  • JTL Industries shares have a beta of 1, indicating average volatility in a year.

Shares of JTL Industries Ltd are in news today as SBI General Insurance Company bought 6 lakh shares in the electric resistance welded (ERW) steel pipes firm, via open market transactions on Wednesday. The transaction was done at an average price of Rs 201 per share which amounted to a value of Rs 12.06 crore. 

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JTL Industries shares have turned into multibagger in the last three years. The stock delivered 1618.14% returns in three years. During the period of two years and one year, the stock climbed 146% and 99%, respectively. In comparison, Sensex has zoomed 73.64% in three years.  The metal stock hit a yearly low of Rs 92.85 on September 16, 2022 and a record high of Rs 227.85 on September 7, 2023.     

In the last session, JTL Industries shares ended 0.30% lower at Rs 200.85 against the previous close of Rs 201.45 on BSE. Total 0.38 lakh shares of the firm changed hands amounting to a turnover of Rs 75.20 crore on BSE. Market cap of the firm climbed to Rs 3392.64 crore.  JTL Industries shares have a beta of 1, indicating average volatility in a year. 

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In terms of technicals, the relative strength index (RSI) of the JTL Industries stock stands at 49.4, signaling it's trading neither in the overbought not in the oversold zone. JTL Industries shares are trading higher than the 50 day, 100 day, 150 day, 200 day moving averages but lower than the 5 day, 10 day, 20 day moving averages.     

The firm reported a profit of Rs 25.4 crore in the June 2023 quarter compared to Rs  11 crore profit in the corresponding period last year. Revenue from operations climbed to Rs 505.6 crore in the first quarter of current fiscal compared to Rs 259.24 crore in the year-ago period. Operating profit climbed to Rs 35.5 crore in Q1 against Rs 13.9 crore in the June quarter of the last fiscal.    

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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.  

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Published on: Sep 14, 2023 8:13 AM IST
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