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Business News/ Markets / Stock Markets/  JTL Industries shares hit life-time high on capacity expansion update. Do you own?
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JTL Industries shares hit life-time high on capacity expansion update. Do you own?

JTL Industries has informed Indian exchanges that it is planning to set up a mega project in Maharashtra

JTL Industies share price has rallied to the tune of 60% in YTD time.Premium
JTL Industies share price has rallied to the tune of 60% in YTD time.

Stock market today: Despite weak trends at Indian stock market, JTL Industries shares witnessed strong demand during early morning deals. JTL Industries share price today opened upside at 247.90 per share levels and went on to hit intraday high of 252 apiece on NSE, which is now its new life-time high as well. While climbing to a new peak, JTL Industries shares ascended to the tune of 60 per cent in year-to-date (YTD) time.

JTL Industries news

JTL Industries witnessed strong buying during morning deals after the outbreak of its expansion news. The high-quality galvanized steel tubes and pipes exporter company has informed Indian stock market bourses about mega capacity expansion plan in Maharashtra. The company said in exchange filing that it is planning to set up a mega project in Maharashtra.

Also Read: Vedanta shares jump after announcement of 11 per share interim dividend

Commenting on the development, the company management said, “We are thrilled to announce our strategic decision to establish a mega capacity expansion project in Maharashtra through our subsidiary, JTL Tubes Limited, with a substantial capex outlay. This state-of-the-art facility will harness cutting-edge technology to enhance efficiency and diversify our product portfolio, underscoring our dedication to propelling the growth and advancement of our business."

"To facilitate this mega project's execution, we are set to raise a total of 13,100 Mn through various means including Qualified Institutional Placement (QIP). A substantial portion of this capital, 5,400 Mn, will be contributed by the promoter and promoter group, with an additional 2,700 Mn from the public, non-promoter group. The remaining 5,000 Mn will be sourced through QIP. This strategic financial initiative is designed to provide robust support, ensuring seamless execution and optimal resource utilization," JTL Industries management added.

Also Read: Kotak downgrades HCL Tech, Persistent Systems; Infosys remains its top pick

JTL Industries share price history

JTL Industries has a history of awarding its loyal shareholders from its capital reserves. Recently on 7th September 2023, JTL Industries shares traded ex-bonus for issuance of bonus shares in 1:1 ratio. Prior to this, JTL Industries shares traded ex-dividend on 4th August 2023 for payment of 0.20 per share final dividend to eligible shareholders. On 13th OCtober 2021, JTL Industires traded ex-split for sub-division of JTL Industires shares in 1:5 ratio.

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 decision.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates.
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Published: 19 Dec 2023, 11:28 AM IST
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