Domestic brokerage firm Axis Securities has said that the sector outlook is positive and that the company is on its path to enhancing its capacity to 1MT by FY25.
Stock Market News: JTL Industries, which is engaged in the iron and steel products industry, has declared its second quarter result for the financial year 2023-23. The multibagger small-cap stock has reported a 34.1 per cent increase in its consolidated profit at Rs 27.91 crore. The firm had posted a consolidated profit of Rs 20.80 crore in the corresponding quarter of the previous fiscal, it said in a filing on BSE.
Its total income in the quarter increased to Rs 505.12 crore from Rs 366.99 crore. Following the announcement of the quarterly result, it shares gained more than 4 per cent to close at Rs 246 on BSE. Its shares have given a multibagger return of 162 per cent to investors in two years.
Domestic brokerage firm Axis Securities has said that the sector outlook is positive and that the company is on its path to enhancing its capacity to 1MT by FY25. With higher sales volumes and value added products share on the increased capacity ahead, the brokerage has maintained BUY rating on the stock. It has increased the price target to Rs 265.
JTL Industries is a leading producer of electric resistance welded steel pipes with a production capacity of more than 6 lakh metric tonnes per year. The company’s distribution network is spread across the country and it has branch offices in Delhi, Mumbai and Chandigarh. It also exports products to various countries.