Multibagger stock in news today as board approves subdivision of shares 

Shares of multibagger JTL Industries Ltd are in news today after the metal firm said its board approved sub-division/split of equity shares. As part of the proposal, one share with a face value of Rs 2 will be split into two equity shares with a reduced face value of Rs 1. The stock split is subject to the approval from the shareholders that is expected to be received during the extraordinary general meet. 
 
JTL Industries shares closed 0.42% lower at Rs 238.45 on Thursday against the previous close of Rs 239.45 on BSE. 

Market cap of the firm stood at Rs 4,437.98 crore. A total of 2.59 lakh shares of the firm changed hands amounting to a turnover of Rs 6.24 crore on BSE. 

In terms of technicals, the relative strength index (RSI) of the JTL Industries stock stands at 57.7, 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 88% in two years on BSE. It has given multibagger returns of 2773% in five years. 

The division of shares will help in improve the liquidity of the company's shares in the capital market along with making the shares more affordable and accessible to small investors, said the filing. The company's shares will get split within two months from the date of the board's approval.

In October 2021, the pipe and tube manufacturing company has announced its first stock split —when shares were split into Rs 2 from Rs 10.

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.