Nuvama initiates buy rating on this FII-backed stock - Check targets
The brokerage said that the steel pipes maker's volume growth in the September quarter was driven by strong demand for heavy structures.
Brokerage form Nuvama has initiated BUY rating on FII-backed JTL Industries. This comes after the steel pipes manufacturer shared a strong Q2 business update.
The brokerage said that the steel pipes maker's volume growth in the September quarter was driven by strong demand for heavy structures.
"The key is exports, which clocked > 200% growth on the back of the recent commissioning of the Maharashtra galvanised unit, which being closer to the port attracts higher exports. YoY growth of 15% in the domestic market was also strong despite falling HRC prices leading to destocking," the brokerage said.
The brokerage has set the target price of Rs 325. The counter had closed at Rs 239.45 in the last trading session. From here, the scrip can give a return of around 35 per cent in 12 months.
Incorporated in 1991, JTL Industries Limited is a small-cap company, having a market cap of Rs 4,456.59 crore. The company has expanded its offering by including value-added products such as hot-dipped galvanised steel tubes and pipes, solar module mounting structures and large-diameter steel tubes and pipes.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Top 7 Mid Cap Mutual Funds With Highest SIP Returns in 3 Years: No. 1 fund has turned Rs 21,000 monthly SIP into Rs 14.88 lakh; here's how others have done
FD interest rates that SBI is offering to senior citizens and general citizens in its Amrit Vrishti, 1-, 3-, and 5-year guaranteed return schemes
This is India's only tax-free state; residents earn crores annually without paying a single rupee in Income Tax
SBI Special FD: What will be maturity amounts on Rs 2.50 lakh, Rs 5 lakh, Rs 7.50 lakh, and Rs 10 lakh investments in Green Deposit's 1111-, 1777-, and 2222-day schemes?
01:09 PM IST