The scrip opened with a downside gap and went on to hit an intraday low of Rs 195.50 apiece on BSE. But, the stock witnessed buying at lower levels and regained Rs 200 levels soon.
Stock Market News: Capital goods firm JTL Industries has got a buy rating from Axis Securities. The brokerage has given a buy tag to the stock with a target price of Rs 265 in the medium to long term.
Last seen, JTL Industries’ share price was trading at Rs 200 per share on BSE, this means Axis Securities is expecting near 32 per cent appreciation in this scrip in the medium to long term.
The scrip opened with a downside gap and went on to hit an intraday low of Rs 195.50 apiece on BSE. But, the stock witnessed buying at lower levels and regained Rs 200 levels soon.
Meanwhile, 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.
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.