Jai Corp share price gains almost 7%: To consider share buyback of 29 August; Should you Buy, Sell or Hold the stock?

Stock Market Today: Jai Corp ltd share price gained almost 7% in the intraday trades on Monday. A meeting of the Board of Directors of the Company will be held on Thursday, 29th August, 2024 inter-alia to consider a proposal for buyback.

Share price surges almost 7%

The Jai Corp share price that opened at ₹390.35 on the NSE on Monday, up around 5.7% over previous close of ₹369.35 , gained further to ₹394 levels marking gains of around 6,7%.

One the BSE also the Jai Corp ltd share price also marked gains of up to 6.8% to intraday highs of ₹394.20.

The gains are being led by the Jai Corp board , likely to take up share buy back proposal . The company over the weekend had announced, that a meeting of the Board of Directors of the Company will be held on Thursday, 29th August, 2024 inter-alia to consider a proposal for buyback of fully paid up equity shares of the Company of face value of Re. 1.00 each as well as matters related/incidental thereto.

Technical View on the Jai Corp share price

The Jai Corp share price has gained almost 70% over past one year.

Jai Corp's share price currently trades from ₹320 to ₹420 per share range. The stock has given a fresh breakout at ₹350. If the stock sustains above this level for the subsequent few sessions, then we can expect Jai Corp's share price to breach the ₹420 hurdle, said Ganesh Dongre, Senior Manager of Technical Research at Anand Rathi

Meanwhile, Dongre advices Jai Corp shareholders can hold the scrip, maintaining a stop loss at ₹320. Fresh buying however is advised at ₹350 to ₹360 range with stop loss at ₹320. If the stock maintains a bull trend and closes above ₹420, one can upgrade one's stop loss at ₹360 and hold the scrip for ₹480 to ₹490 per share target. Fresh buying above ₹420 is advised, maintaining a stop loss at ₹360 for the short-term target of ₹480 to ₹490 apiece, said Dongre

Q1 performance remained a mixed bag

On August 16, Jai Corp had declared its financial results for the first quarter FY25 (Q1FY25). The results remained as mixed bag as when compared to the same period last year, the company's revenue increased by 4.65% and Net profits surged by an astounding 148.28%.

However, on a sequential basis there were drops in revenue and profit of 1.48% and 41.37%, respectively.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions

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