JTL Industries gains on acquiring controlling stake of 67% in Nabha Steels and Metals
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JTL Industries is currently trading at Rs. 218.00, up by 1.75 points or 0.81% from its previous closing of Rs. 216.25 on the BSE.
The scrip opened at Rs. 219.65 and has touched a high and low of Rs. 220.65 and Rs. 217.90 respectively. So far 21887 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 276.60 on 28-Feb-2024 and a 52 week low of Rs. 150.25 on 12-May-2023.
Last one week high and low of the scrip stood at Rs. 220.90 and Rs. 201.35 respectively. The current market cap of the company is Rs. 3827.86 crore.
The promoters holding in the company stood at 56.00%, while Institutions and Non-Institutions held 2.45% and 41.55% respectively.
JTL Industries has strategically acquired a controlling stake of 67% in Nabha Steels and Metals, situated in Mandi Gobindgarh, Punjab. This grants JTL ownership of an advanced steel product manufacturing facility.
The newly acquired plant has a manufacturing capacity of 200,000 tonnes and focuses on producing steel products such as coils and long steel products such as billets. Nabha Steels and Metals has showcased tremendous revenue growth, increasing from Rs 113 crore in FY23 to Rs 225 crore in FY24.
This acquisition will increase JTL's total backward integration capacity from 150,000 tonnes of coils (previously concentrated solely from the Raipur plant) to 250,000 tonnes of coils and 100,000 tonnes of long products, with backward integrated operations now spanning across Chhattisgarh and Punjab.
JTL Industries manufactures various grades of galvanised steel tubes and pipes.
