Shares of pipes and tubes manufacturer JTL Industries gained even as equity benchmark indices Sensex and Nifty tumbled in early trade on Thursday amid a sharp fall in Adani group stocks and unabated foreign fund outflows. The counter opened in green at Rs 94.95 against the previous close of Rs 94.20. 

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The BSE benchmark Sensex tumbled 468.17 points to 77,110.21 in early trade. The NSE Nifty declined 179.75 points to 23,338.75.

From the 30-share Sensex pack, Adani Ports tumbled 10 per cent as billionaire Gautam Adani has been charged by US prosecutors over his role in an alleged years-long scheme to pay USD 250 million bribe to Indian officials in exchange for favourable terms for solar power contracts.

Meanwhile, the company has entered into a special purpose Joint Venture Agreement with Singla Constructions to jointly participate in a railway tender.

The stock has given a multibagger return of 1810 per cent return in 5 years. However, it has given a negative return of around 9 per cent in one year. 

Meanwhile, Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,411.73 crore on Tuesday, according to exchange data.

Earlier, Axis Securities initiated a BUY rating on JTL Industries.

According to Axis Securities, JTL Industries numbers stood largely in line with their estimates.

"Revenue grew by 65 per cent/13 per cent YoY/QoQ to Rs 567 Cr, a 5 per cent beat vs. our estimate, led by higher ASP. EBITDA grew by 46 per cent/14 per cent YoY/QoQ, which was largely in line with our estimates," the security firm said. 

According to the company, its revenue from operations grew by 65.26 per cent from Rs 343.33 crore in Q3FY23 to Rs 567.38crore in Q3 FY24 and by 46.13 per cent from Rs 1,077.294 million in 9M FY23 to Rs 1,574.2 crore in 9M FY24. 

This growth was led by robust sales volume that not only exceeded our previous records but also surpassed the sales figure achieved in FY23.