
Shares of multibagger Jindal Saw Ltd were trading in the red in early deals today. The stock has delivered over 498% percent returns to investors in the last three years. The correction in the stock came despite the firm announcing that its board would meet on December 14, 2023 to consider and approve the proposal of raising of funds.
Jindal Saw shares slipped 3.78% to Rs 434.15 in early deals against the close of Rs 451.25 in the previous session.
The company is engaged in the production of iron and steel pipes. Earlier, the stock opened higher at Rs 454 on BSE.
The share belonging to the iron and steel industry has gained 370% in a year and risen 300% this year.
Total 0.52 lakh shares of the firm changed hands amounting to a turnover of Rs 2.29 crore on BSE. Market cap of the firm fell to Rs 13,890 crore. The stock hit a 52-week low of Rs 88.25 on December 26, 2022 and a 52-week high of Rs 514.95 on November 16 this year.
In terms of technicals, the relative strength index (RSI) of the stock stands at 49.3, signaling it's trading neither in the overbought and nor in the oversold zone. Jindal Saw shares have a beta of 0.5, indicating low volatility in a year. Jindal Saw shares are trading lower than the 5 day, 20 day but higher than the 50 day, 100 day 150 day and 200 day moving averages.
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“The meeting of the Board of Directors of the Company is scheduled on 14/12/2023 ,inter alia, to consider and approve the proposal of raising of funds by way of issuance of equity shares or any other eligible securities and / or other securities convertible into equity shares (including warrants, or otherwise) (collectively 'Securities') through permissible modes, including by way of one or more qualified institutions placement ('QIP') or through any other permissible mode and/or combination thereof as may be considered appropriate under applicable law, subject to such regulatory/statutory approvals as may be required and the approval of shareholders of the Company,” Jindal Saw said in a communication to bourses.
About the Company
Jindal Saw is engaged in in a leading manufacturer and supplier of iron & steel pipes and pellets having manufacturing facilities in India.
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