110 per cent jump in net profit: This multibagger small-cap company reports stellar Q1 results and announces bonus shares; hits 52-week high!
The stock gave 80 per cent returns in just 1 year and generated multibagger returns of 250 per cent in 2 years
Today, shares of JTL Industries Ltd zoomed 2.07 per cent to make a new 52-week high of Rs 388.95 per share from its previous closing of Rs 381.05. At 12:00 noon, shares of the company were trading at Rs 374.50 per share, down by 1.72 per cent with a spurt in volume by more than 1.10 times on BSE.
The sudden rise in the stock price is due to the company announcing stellar Quarterly Results and bonus shares. Details below:
Quarterly results: The net sales increased by 37.16 per cent to Rs 504.80 crore, operating profit increased by 105.25 per cent to Rs 36.30 crore and net profit increased by 110.12 per cent to Rs 25.37 crore in Q1FY24 over Q1FY23.
Bonus shares: The Board of Directors of the company has approved the issue of bonus shares in the ratio of 1:1 i.e., 1 equity share of Rs 2 each for every 1 equity share held by the shareholders of the company as of the record date, subject to the approval of shareholders to be obtained in the ensuing AGM. The record date for the issue of bonus shares shall be intimated in due course.
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JTL Industries Limited manufactures steel products. The company offers electric resistance welded steel pipes, tubes, hollow sections, and structural steel products. JTL Industries serves customers worldwide. The shares of the company saw a spurt in volume by more than 1.50 times on BSE.
The company has a market cap of over Rs 3,000 crore. The stock has an ROE of 42.93 per cent and a ROCE of 37.08 per cent. The promoters of the company have increased their stake by 12.6 per cent over the last quarter.
The stock gave 80 per cent returns in just 1 year and generated multibagger returns of 250 per cent in 2 years. Investors should keep an eye on this Small-Cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.