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Jindal SAW shares showing correction of 50% on NSE today, here's why

Jindal SAW shares showing correction of 50% on NSE today, here's why

Multibagger stock: In the current session, 0.29 lakh shares of the metal firm changed hands amounting to a turnover of Rs 1.09 crore. The stock has a beta of 1.5, indicating high volatility in a year.  

Aseem Thapliyal
Aseem Thapliyal
  • Updated Oct 9, 2024 12:56 PM IST
Jindal SAW shares showing correction of 50% on NSE today, here's whyJindal SAW shares: The multibagger stock has rallied 123 per cent in past one year and zoomed 792 per cent in two years.

Shares of multibagger Jindal SAW Ltd, which closed at Rs 747.75 in the previous session was trading at Rs 374 today, showing a correction of 50% on NSE. The correction in the stock price denotes adjustment as it turned ex-date for stock split today.  After the stock turned ex-split, the Jindal SAW stock rose to its 52-week high of Rs 383.85 on NSE. The stock split by the firm metal major came into effect today. 

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The stock split was announced in a ratio of 2:1 on August 23. This means the stock with a face value of Rs 2 would split into shares with face value of Re 1 each. 

Today is also the record date for the purpose of determining the eligibility of shareholders for the purpose of split of face value of equity shares. 

The multibagger stock has rallied 123 per cent in past one year and zoomed 792 per cent in two years.

A stock split enhances liquidity of the company's equity shares and encourage the participation of retail investors by making equity shares of the company more affordable to invest.

The subdivision of shares implies that the number of Jindal SAW shares in the stock market will double, bringing down the price of stock by nearly half on the bourses. However, market cap of Jindal SAW will not be affected by the stock split. 

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This is the second instance of stock split by the company. Earlier, the company announced a stock split in December 2009, where the stock was split from a face value of Rs 10 per share to Rs 2 per share.

In the current session, 0.29 lakh shares of the firm changed hands amounting to a turnover of Rs 1.09 crore. The stock has a beta of 1.5, indicating high volatility in a year.  

In terms of technicals, the relative strength index (RSI) of Jindal SAW stands at 58.7, signaling it's trading in the neither in the overbought nor in the oversold territory on charts. 

Jindal Saw shares are trading higher than the 5 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages. Jindal Saw shares have a beta of 1.5, indicating very high volatility in a year.

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Jindal Saw is a leading manufacturer and supplier of iron & steel pipes and pellets having manufacturing facilities in India.

Jindal SAW shares in news today
Jindal SAW shares in news today

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Oct 9, 2024 12:20 PM IST
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